A 19-year-old woman has been charged over a fatal alleged hit-and-run near Bendigo, in central Victoria.

Tracey-Lee Kemp, 45, was walking home on the Midland Highway in Huntly from a 21 st birthday party when she was struck at around 1 o'clock this morning.

The driver allegedly fled the scene, and police believe the victim may have been lying on the road for hours before an employee at the Huntly Hotel, where the party was held, happened to drive past.

Tracey-lee Kemp was killed when she was hit by a car near Bendigo. (9NEWS)

“She remained on the side of the road, we think, for a couple of hours before another motorist happened to drive by and noticed a handbag on the side of the road,” Detective Senior Sergeant Brad McArthur said.

“It’s our belief that she might have actually been on the phone to her boyfriend at the time she was struck. These are devastating types of incidences where human beings are struck on the road and people don’t bother to stop.”

Emergency services attempted to revive her, but Ms Kemp died at the scene.

The driver’s car was located in Epsom, around three kilometres from the crash site, after hitting a tree.

Police have charged a 19-year-old woman with a series of offences including reckless driving causing death. (9NEWS)

Detectives arrested the 19-year-old North Bendigo woman at a nearby house this morning, and charged her this afternoon with a series of offences including dangerous driving causing death.

She has been bailed to appear at the Bendigo Magistrates’ Court on 19 August.

A car was found dumped around 3km from where Ms Kemp was hit. (9NEWS)

Victoria’s road toll now sits at 187, which is 28 more than this time last year.