Police were called to Greenhead Lane in Reedley shortly before 2.45pm after receiving reports of a collision involving a grey Vauxhall Mokka, a white BMW 135i, and a cyclist.
The Vauxhall driver, an 83-year-old man from Burnley, was critically injured. He was taken to the hospital and is still in critical condition.
A cyclist aged 30 was also hurt. He sustained leg and chest injuries but is expected to recover fully.
The occupants of the BMW fled the scene. They have yet to be identified.
We'd like to hear from anyone who witnessed the collision, has information about it, or saw two men crossing the M65 at the Greenhead Lane bridge around five minutes later.
"Our thoughts are very much with the people injured," said Sergeant Helen Parkinson of Lancashire's Serious Collision Investigation Unit. "A family liaison officer has been appointed to support the family of the elderly man in the Mokka."
"An investigation is now underway to determine what happened, and we are requesting any information about what happened."
"We'd like to speak with anyone who saw two men crossing the M65 at Greenhead Lane around five minutes after the collision." Have you seen them? Is your car equipped with a dashcam?
"Likewise, if you witnessed the collision or have any additional information about what happened or who was in the BMW, please contact us as soon as possible." Anyone with information should call 101 and reference log 866 from August 6th.
Information can also be reported anonymously to the independent charity Crimestoppers by calling 0800 555 111 or visiting crimestoppers-uk.org.
The Serious Collision Unit in Lancashire can also be reached via email at SCIU@lancashire.police.uk.