A van was allegedly turning right into Claremont Avenue from the South Gippsland Highway in Cranbourne at about 12.45pm on Wednesday when it collided with a Ford sedan, according to police.
The impact of the crash caused the van to roll twice.
The driver of the van, a 63-year-old man, was taken to hospital with life-threatening injuries.
The driver of the Ford allegedly ran from the scene and was seen getting into a dark blue sedan travelling nearby before the sedan sped off.
A 28-year-old man handed himself into police a day after the collision.
Police have since charged a 20-year-old man with various dangerous driving offences including driving causing serious injury, negligently cause serious injury, fail to stop and fail to render assistance and recklessly cause serious injury.
He will face court today.