The pedestrian, initially described as being in his 40s, was found lying on Yonge Street, south of College Street, around 4:20 a.m. on Monday when he was struck by a southbound vehicle.
The vehicle then fled the scene.
In a press release issued Friday, police confirmed they have since arrested a suspect in connection with the collision.
Abdikdir Mohamed Ibrahim, 30, was taken into custody yesterday and charged with failing to stop at the scene of an accident causing death and dangerous operation causing death.
However, police say so far investigators have not been able to identify the victim.
An artist rendering of the victim has been released and police are appealing for anyone with information about his identity to come forward.
The victim is described as five-foot-nine, weighing 172 pounds. with gray and black curly hair.