The incident was reported to police around 5:55 a.m. at the intersection of Orangethorpe Avenue and Lemon Street.
The hit-and-run driver hit the bicyclist and took off, leaving the victim in the middle of the street. A second driver managed to swerve at the last minute and avoided hitting the victim.
Police say a third driver could not stop and ran over the body, dragging the victim beneath his car about 100 yards. That driver, however, did remain on scene and was cooperative.
The victim was pronounced dead at the scene. No further information about the victim was released.
Police believe he may have been riding to work when he was hit. His bicycle was torn in half with parts scattered across the street.
It's unclear whether the bicyclist or the hit-and-run driver was at fault.
The intersection was closed for about four hours following the incident.
An active search is underway for the first driver that sped off. Authorities are also looking into surveillance footage from nearby businesses to aid their investigation.
Police are asking for the public's help to provide a description of the fleeing vehicle.
"We don't have any information on what that vehicle looks like, we don't have any suspect description, driver description so we're really looking for the public's help," said Anaheim Police Sgt. Bob Dunn.
Anyone with information regarding the hit-and-run was urged to contact OC Crime Stoppers at (855) TIP-OCCS.