Pub DJ William Payne was reported to the procurator fiscal following the mid-morning smash, which happened in front of stunned Christmas shoppers in Glasgow city centre.
Mhairi Convy and Laura Stewart died when a 4x4 allegedly came off the road and hit them as they stood on the pavement in North Hanover Street.
Dad-of-three Mark Hopwood, 36, was also injured in the incident, near the Buchanan Galleries shopping centre.
A Police spokeswoman said: "A 50-year-old man is the subject of a report to the procurator fiscal in connection with alleged road traffic offences following a fatal road crash on Friday, December 17."
Tributes poured in for Mhairi, 18, from Lennoxtown, Dunbartonshire, and Laura, 20, from Cumbernauld, north Lanarkshire, following the crash.
Both were students at the Central College of Commerce, close to the crash scene at the junction of North Hanover Street and Killermont Street.
Second-year accounting students, the friends were on a free period when they headed for town to do some shopping.
Despite the best efforts of medics, both girls died of their injuries at the city's Royal Infirmary.