A white van is believed to have collided with the woman, who needs assistance to walk, police said.
Paramedics went to her aid and took her to hospital but she died within hours.
This afternoon police announced that a man had been arrested in connection with the incident and is now in police custody.
The pensioner was wearing a distinctive red coat and walking with the assistance of a walking aid when the collision happened on Station Road in Filey at 9am on Friday.
Police are appealing for witnesses and dashcam footage of the incident.
A spokesman said: “If you can help our investigation, please email our Major Collision Investigation Team at MCIT@northyorkshire.police.uk.
Or call 101 and pass information for incident number 12250037457.”
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