An elderly pedestrian has died after being hit by a bike in St Kilda.

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.