The mishap took place this morning when Bhalerao was on his way to Goregaon from Malad in the western suburbs, a police official said.
He did not provide further details.
Bhalerao, 22, shot to fame as a child actor and is best known for his role in the popular TV series 'Kunku'.
He had also worked in a Marathi film, 'Barayan' -- which released recently.
However, it was 'Kunku' that gave him popularity and made him a household name in Maharashtra.
Bhalerao had also featured in Marathi serials like 'Tu Majha Sangati', 'Nakushi' and 'Jyotiba Phule'.