The SUV in which the victims were travelling rammed into a tanker coming from the opposite direction near Dakor late last night, they said.
Dharmesh Patel (32), Ghanshyam (30) and Amit Ramchandani (28) died on the spot while the injured person has been admitted to a local hospital.
The driver of the tanker fled from the spot, police said, adding that they have registered a case against him.
All the four victims, residents of Nadia, were returning from Balasinor of the Kheda district after completing their business related work, police added.