The accused, 21-year-old Abhinav Sahni, is a first year undergraduate student at Khalsa College – a short distance from the spot where the accident took place.
He was formally arrested a day later, on Thursday, and released on bail by the police.
A north district police officer said they were able to identify the accused on the basis of witness accounts and the CCTV footage.
The BMW X1 was travelling from Khalsa College to Kirori Mal. Both colleges are in the North Campus of Delhi University.
CCTV footage of the accident shows the victim, Shiv Nath, trying to cross a road in Maurice Nagar on Wednesday around 1:20 pm.
Seeing the SUV approach him fast, Shiv Nath can be seen trying to run across to the divider, but gets hit by the vehicle which then comes to a halt.
Abhinav later told the police that he fled from the accident spot because he was scared, said sources.