Officers responded at about 5:20 p.m. on Southbound Arlington Heights Road south of Dundee Road near the entrance to the Plaza Verde shopping center.
Police said the 74-year-old woman who was struck was transported to a hospital, where she was pronounced dead, police said.
The drivers of both vehicles remained at the scene and are cooperating with investigators, police said.
No citations have been issued and the crash is under investigation by police.