The crash happened at 6:41 a.m. at the intersection of Folsom Boulevard and Paseo Drive.
Police say the pedestrian, a 55-year-old Rancho Cordova man, did have the green light to cross the street when he was hit and killed.
Drivers remained on scene and were cooperating with investigators.
Roadways in the area were shut down and drivers were asked to seek alternative routes around the scene.
Stay with FOX40 and FOX40.com for updates on this developing story.