The 23-year-old was struck by the vehicle in Crindledyke Crescent, Newmains, North Lanarkshire shortly before 11pm last night.
The blue vehicle was deliberately driven at the victim and his friend. The driver then fled the scene and the burnt-out vehicle was later found nearby.
The victim was taken by ambulance to nearby Wishaw General Hospital. However, despite the efforts of medical staff, he died a short time later.
His 31-year-old friend was taken to Monklands District General Hospital in Airdrie where he is today recovering from leg injuries. Hospital staff describe his condition as 'stable'.
During the incident, the vehicle also crashed into a house. Luckily, no one in the building was injured, though damage was caused.
Detective Chief Inspector Pat Campbell, of Motherwell CID, said: "The pick-up truck was deliberately driven at the man and his friend in Crindledyke Crescent last night.
"It was then driven at speed into Bonkle Road, Wishaw, a short distance away, where it was set alight.
"The driver then either made off on foot from there, or may have been picked up by another vehicle."
Officers are at the scene carrying our door-to-door inquiries and checking CCTV footage. Roads in the area have been cordoned off.
Police were still at the scene this morning.
DCI Campbell added: "Additional officers are in the area and I would ask that anyone who has information, no matter how trivial it may seem, to contact the incident room which has been set up at Wishaw Police Office on 01698 202600 or to Crimestoppers on 0800 555 111 where details can be given in confidence."
The incident happened in the street where teenage murder victim Zoe Nelson lived.
Last year Robert Bayne, 22, was ordered to serve at least 20 years in prison when sentenced to life after being found guilty of murdering the 17-year-old. Her charred remains were found in woodland in May, 2010.
Last November 76-year-old James Simpson died when he was allegedly hit by his own car in South Lanarkshire.
Christopher Grenfell, 25, is accused of killing Mr Simpson outside his home in nearby Ashgill, on November 29.
Mr Grenfell and co-accused William MacVicar, 23, both face a separate allegation concerning car thefts.
The pair deny the charges.