The 54-year-old man has been arrested on suspicion of causing death by careless driving, driving a vehicle that failed to stop after a road accident and driving a vehicle involved in a road accident, and failing to report that accident.
He has been bailed until May 5.
It comes following a collision on the A325 near Alice Holt Forest, close to the junction with Binstead Road, at 5.25pm on Wednesday, February 1.
A 43-year-old pedestrian from Surrey suffered serious injuries as a result of the collision and was pronounced dead on the way to hospital.
The collision involved a motorbike, a female pedestrian and a car, which failed to stop at the scene.
The road was closed for several hours as officers carried out extensive investigations into the exact circumstances of the collision.
A police appeal for witnesses aimed at motorists using the A325 Bordon to Farnham road between 5pm and 6pm, is continuing.
The road goes through Bordon, and onto Greatham, Liss, Liphook and Petersfield via the A3, and the appeal includes motorists from those areas who may have been using the road.
Anyone with information is asked to contact Sgt Grant on 101, quoting 44170041190 or Crimestoppers anonymously on 0800 555 111.