A 23-year-old woman has been charged with multiple offences following an alleged hit-and-run involving a cyclist in Ballarat last week.

The collision happened about 6:20am on Friday after a car allegedly veered onto the wrong side of the road and hit the cyclist, before driving off.

A 36-year-old man suffered life-threatening injuries and remains in hospital.

The woman, from the Ballarat suburb of Mount Pleasant, was arrested about 1:30pm in Altona North.

The arrest came after police released CCTV footage that appeared to show the car's windscreen smashed and part of the body kit, at the rear, dangling onto the road by an electrical lead.

The woman was charged with negligently causing serious injury, dangerous driving causing serious injury, failing to stop and failing to render assistance.

She was also charged for driving an unregistered car and for driving on a disqualified license.

She remains in custody and will appear in Melbourne Magistrates Court on Friday.