The incident occurred at around 12:30 am when the car driven in a "rash and negligent" manner hit the two bikes going towards Punjagutta, Banjara Hills police station Sub-Inspector Vinod said.
The car first hit the two motorcycles and then rammed into the divider, killing one person on the spot and injuring two others, the SI said.
The deceased, has been identified as Moghul Shasha Vali, an employee of a private company, the officer said, adding that the two injured were undergoing treatment at a hospital.
Local media quoting some eye-witnesses said the car had a male and a female occupant, who were allegedly in an inebriated state.
Police, however, said they need to verify the allegation.
Effort to nab the car occupants are underway along with the probe.