Emergency services were called to Kittyhawk Drive and Murphy Road in Chermside in Brisbane about 5.15am after reports of a crash involving a pedestrian.
Police will allege that the driver left the scene before abandoning his vehicle along Awaba Street at Wavell Heights and setting it on fire.
Colwell died from his injuries at the Royal Brisbane and Women’s Hospital a short time later.
A Queensland Police spokesman said “the vehicle was turning right from Murphy Road into Kittyhawke Drive and appears to have run a red arrow”.
Colwell’s family are “still trying to take it all in”, Senior Sergeant Ken Rogers said.
“As is the driver of the motor vehicle,” he said.
Colwell has been remembered by his neighbours as “thoughtful and caring”.
9News understands the alleged driver left the burning car and travelled to his workplace at Geebung.
Police eventually located him after tip-offs from the public.
Crime scenes have been declared at at the scene of the hit-and-run and the location of the burnt out car.
The driver was arrested about 10am.
He was charged with one count of dangerous driving causing death, one count of leaving the scene of the incident without obtaining help, and arson of a motor vehicle.
He is due to face at Brisbane Magistrates Court tomorrow.
Police are appealing for witnesses or anyone with footage to come forward. Crime Stoppers can be contacted on 1800 333 000.