A garbage truck driver has been charged with manslaughter after allegedly hitting and killing a 21-year-old man in Sydney's CBD this morning.

Key points: A garbage truck driver was arrested by police hours after the fatal accident

A garbage truck driver was arrested by police hours after the fatal accident Police are unable to find the victim's mobile phone which he was using at the time

Police are unable to find the victim's mobile phone which he was using at the time The 51-year-old driver will front court on Thursday

Police will allege the driver moved the man off the road after the collision and then left the scene.

The incident was caught on a security camera, with footage showing the truck striking the young man.

Emergency services were called to Central Street in Sydney's CBD at about 1:30am after a man's body was found on the footpath.

Police stopped a garbage truck in Kings Cross at about 4:30am and arrested the 51-year-old driver.

The Lakemba man underwent mandatory testing before being taken to Kings Cross Police Station.

The driver was this afternoon charged with a number of offences including manslaughter and fail to stop and assist after vehicle impact causing death.

Police will allege in court the driver reversed the truck at speed, striking the man and knocking him down.

They will also allege he moved the man and left the scene without contacting emergency services.

Sydney City Commander Detective Superintendent Gary Wood said police believe the driver knew he had hit somebody.

"It was a horrific incident. A young man in the prime of his life has lost his life," Detective Superintendent Wood said.

"I believe the 51-year-old male was aware of the collision."

Police also said the victim was using his mobile phone at the time of the incident but they have been unable to locate it.

The driver was refused bail and will appear at Central Local Court on Thursday.