A man has died after he fell from the tray of a moving ute in Melbourne's north.

The man was sitting on the tray cover of the white Commodore ute which was travelling down Cambridge Way in Campbellfield on Sunday evening when he fell from the moving vehicle.

The 20-year-old from Campbellfield was rushed to hospital with life-threatening injuries.

He died in hospital on Wednesday night.

The driver, a 19-year-old man from Broadmeadows, was arrested on Sunday but later released pending enquiries.