A black BMW overtook another car that was passing a bus travelling in the same direction on the Rue de Lyon and struck two people who were crossing the road to reach the bus stop, according to media reports.
The BMW did not stop but collided into the back of another car, 150 metres from the bus stop, the ATS news agency reported.
One of the pedestrians died on the spot, while the other, seriously injured, was taken to hospital, the Tribune de Genève reported online.
The driver of the BMW and one of the passengers in the car were also hospitalized, along with the driver of a Seat car that was rear-ended, the Tribune said.
The incident occurred near the Planète Charmilles shopping centre close to downtown at around 10.30pm.
Geneva newspapers quoted witnesses who saw two vehicles — the BMW and a Subaru — racing down the street before the collision in the direction of Vernier, a municipality to the north of the city.
The fatality is the 11th motor vehicle accident death in Geneva this year.