The incident happened shortly after 9pm when a man in his twenties was cycling on Sheriff Street Upper. The cyclist was struck by a car which immediately fled the scene.
The victim was taken by ambulance to Beaumont Hospital, where he is said to be in a critical condition as a result of suffering serious head injuries.
Garda Forensic collision investigators and local scenes of crime officers examined the scene of the incident. The car believed to have been involved was later found abandoned on nearby Guild Street and is currently being examined by the Garda Forensics unit.
Gardaí have appealed to the driver of the car and anyone who may have witnessed or recorded the incident to come forward.
Anyone with relevant information is requested to contact the Gardaí at Store Street Station (01 666 8000) or to call the Garda Confidential Line (1800 666 111).