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The incident occurred at around 1.30 pm, when Rajesh Naik was crossing the road on foot after attending a function near Gopal Krishna Temple, Tenka Yadapadavu, police said.
The MLA was hit by a Swift car, which was traveling from Moodbidri towards Mangaluru. The car fled the scene without stopping, police added.
The car was intercepted by the 112 Hoysala police team at Gurupura Junction and brought to the police station.
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Based on the complaint of an eyewitness, an FIR has been registered at the Bajpe Police station in this regard under sections 279, 337 IPC, 134(a)(b) against the driver of the car.