The deceased have been identified as Bhagirath Limaji Gawali (57), Dagdu Balaji Dhawale (66), Anil Sonawane (47) and Narayan Waghmare (64), police said.
All four of them died on the spot, they said, adding that their bodies have been shifted to Government Medical College and Hospital for autopsy.
Police said they were looking for the vehicle involved in the hit and run case.