The woman was taken to hospital, where she later died of severe internal injuries.
The woman's name has not been released, but neighbour Marites Cadayona tells CBC News she worked hard to support her family as a housekeeper at a casino.
"She's my friend, she's hardworking, she's a good mom, and now she's gone," Cadayona said. "[The driver] should come forward. It's good for all of us, especially for the family and the little girl."
Members of the Vancouver Police Collision Investigation Unit are working to determine the cause of the collision.
Investigators believe the driver knows they hit a pedestrian, but may not know how seriously she was injured.
Anyone with information who has not yet spoken to police is asked to contact the VPD Collision Investigation Unit at 604-717-3012.
This is Vancouver's 19th traffic related fatality of 2012.
65-year-old pedestrian killed in Mission
Meanwhile, RCMP in Mission are investigating a different fatal hit and run.
A 65-year-old woman is dead after being hit near 14th Avenue and Caribou Street at about 4:30 p.m. PT Sunday.
She was walking with her husband on the north shoulder of the road when she was struck.
Police have recovered a blue 2007 Honda Accord believed to have been involved in the collision.
Anyone who witnessed the collision is asked to contact Mission RCMP.