Pol Lt Col Natthee Phichitchai Nithimeth, an investigating officer at Phuket City Police Station, received a report of the incident at about 5am.
The incident occurred on the southbound carriageway of Thepkrasattri Rd, about 20 metres past the PTT petrol station at Boat Lagoon in Koh Kaew.
Police, forensic specialists from Vachira Phuket Hospital, rescue workers from the Koh Kaew Tambon Administrative Organisation and the Kusoldharm Phuket Foundation attended the scene.
The victim, believed to be a foreign woman aged about 25-35, was found lying in the middle of the road. She had suffered catastrophic injuries and was pronounced dead at the scene.
Police said no identification documents were found on the woman, only a mobile phone and a wallet. Her nationality has yet to be confirmed.
A preliminary examination was conducted at the scene before the body was transported to Vachira Phuket Hospital.
No vehicle involved in the collision was found at the scene.
Investigators are reviewing CCTV footage from the area and gathering evidence in an effort to identify the vehicle and driver responsible.
Police said they are continuing their investigation and will pursue legal action once the suspect is identified.