The child was hit near the intersection of Algonquin Road and Thoreau Drive, police said.
The victim was taken to a nearby hospital for life-threatening injuries, but later died, police said.
Police did not immediately provide any identifying information about the child.
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Schaumburg police are investigating the fatal crash.
The intersection is closed, and drivers are asked to take alternate routes.
It was not immediately clear what led up to the incident, or who else was involved.
This is a developing story; check back with ABC7 Chicago for updates.