Greatgomon Laowatdhanasapya, 24, was a graduate of Indiana University, which is on spring break this week, WSVN reported.
The other victim, 22-year-old Sarisa Kongduang, was a current student.
Miami Beach police said the two were hit by a car traveling in a reckless manner, without headlights.
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"The driver had complete disregard for human life. And after he hit the two victims, he didn't even stop to render aid or see exactly how they were doing," Miami Beach Police Public Information Officer Christopher Bess said.
Police say the driver, Adan Negron-Morris, 42, ran into a nearby Walgreens, where he was arrested.
He's been charged with vehicular manslaughter and leaving the scene of a crash involving a death.