The man was struck by a car in St Marks Road, Tipton, at around 1.45pm on Saturday.
Paramedics attempted to revive him but sadly he couldn’t be saved and died at the scene.
A cyclist was also hit by the car but was not seriously hurt.
Officers recovered what’s believed to be the offending vehicle around two miles away in Griffiths Street, Tipton, and that has been seized for forensic analysis.
At around 14.15 GMT police also received reports of a disorder at a shop in St Marks Road.
One man suffered a stab wound and was to hospital in a serious condition.
West Midlands Police Superintendent Chris Mallet, said: “Tragically a pedestrian has lost his life and my thoughts are with his family. We have a specialist family liaison officer working with them at this tragic time.
“Exactly what’s gone on is unclear at this stage but our enquiries are progressing at pace.
“We believe we have recovered the offending vehicle, a silver car, and that will be forensically examined. We have already started trawling CCTV and road cameras as we attempt to locate the hit and run driver.
“It’s too early to say at this stage whether there is any connection with the stabbing reported some 30 minutes later in the same street.
“We’re appealing for witnesses to get in touch to help us build up a picture of exactly what’s happened.”
Anyone driving and cycling in the area and has dash- or cycle-cam video is urged to check their footage to see if they have caught the incident on camera or a silver car making off from the scene.
Any witnesses are also asked to get in touch, they can call police on 101 quoting log 1827 from 27 Feb.