Cyclist killed after hit-run in Melbourne's south-east

A female cyclist is dead after being hit by a stolen car in Melbourne's south-east.

The driver fled the scene on foot after their white Mercedes sedan clipped another vehicle and hit the cyclist on Chapel Street, in South Yarra, about 10am on Sunday.

The woman was treated by emergency services but died at the scene, police say.

Two parked cars were also struck during the incident.