The 85-year-old man was using a pedestrian crossing on Jacka Boulevard, which runs along the beachfront, when he was struck by the cyclist travelling in the bike lane about 5.30pm on Tuesday, police believe.

The crossing is at a set of traffic lights opposite the Peters Boulevard Ice Creamery Kiosk, between Luna Park and Fitzroy Street.

The St Kilda man was taken to hospital where he died later that night.

The cyclist, a 30-year-old Port Melbourne man, was also taken to hospital, but with non-life threatening injuries.

Police are investigating the cause of the collision.

Another elderly pedestrian was struck and killed by a bike further up the popular bicycle route in Mentone in 2006.

James Gould, 77, was hit by a "Hell Ride" cyclist who failed to stop at a red light on Beach Road.

The informal "Hell Ride", which occurs every Saturday, sometimes involves up to 100 riders at fast speeds along Beach Road from Black Rock to Mount Eliza.

The notorious cyclists were also involved in a horrific crash that left one person with a fractured skull and two others in hospital in 2015.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or www.crimestoppersvic.com.au.

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