Police said the vehicles collided on the corner of Beecroft Road and Hannah Street in Beecroft about 8.30pm on Tuesday, before hitting two women believed to be in their 50s.
One died at the scene and the other was rushed to Royal North Shore Hospital in a critical condition.
Both drivers were uninjured and taken to hospital for mandatory testing following the accident.
Specialist officers from the Crash Investigation Unit will be called in to examine the crime scene.
Beecroft Road remained closed in both directions between Copeland Road and Chapman Avenue late on Tuesday night.