Coen van Rosmalen, 24, was a Dutch national who was living in Wanaka, police said.
He was struck shortly before 3.30am, and police have not ruled out that he may have been lying on the road when he was hit.
Ian Norman said the crash happened just outside of his house, at the intersection of Beacon Point and Eely Point roads.
"I would say [the victim] was asleep on the road by the way we didn't hear anything," he said.
"There's no real marks on the road -- obviously the body wasn't thrown so maybe he was asleep."
The location where the man was hit suggested he was walking with traffic rather than against it, he said.
Mr Norman believed the victim was working in Wanaka and had been walking near his accommodation.
"There's a good chance he was on a working holiday," he said.
Deputy head of mission at the Netherlands Embassy in Wellington, Stefan Hulisz, said the embassy had offered unreserved help to police.
"It goes without saying we're shocked and doing everything possible to contact the family."
Senior Sergeant Dave Scott said serious crash unit and coronial investigations were ongoing. The man's name had not yet been released.
"We're trying to get in touch with next of kin through Interpol and [the Dutch] consulate [in Christchurch.]"
Mr Scott said initial reports the man was lying in the road would form part of the inquiry.
"It's very early days, we're trying to cover all the bases at this stage."
The man's body has been taken to Dunedin, where a post-mortem examination would be conducted tomorrow morning.
The vehicle involved, initially reported as a taxi, has been seized by police and would be examined over the next few days.
Police were appealing for any sightings of a man wearing a red beanie, dark jacket or hoodie, jeans and black Nike shoes walking north along Beacon Point Rd between 1am and 3.40am today.
