UPDATE: Police and event organisers have confirmed the death of British ultra-distance cyclist Mike Hall, 35. He was one of the best ultra-distance riders in the world, having previously won the Trans Am Bike Race across the US and the Tour Divide traversing the Rocky Mountains from Canada to Mexico and also organised the Transcontinental Race across Europe.
A male rider in the Perth to Sydney Indian Pacific Wheelrace has died following a collision with a car on the outskirts of Canberra.
ACT Policing says the male cyclist died at the scene on Friday morning following the collision on the Monaro Highway near Williamsdale.
Emergency services were notified of the incident about 6.30am.
"Whether the cyclist was involved in any event will form part of our investigations," a police spokeswoman told AAP.
Race organisers, who said they were co-operating with police, later announced in a press release, the cancellation of the event.
"The Indian Pacific Wheel Race has been cancelled with immediate effect in light of this morning’s tragic incident," the statement said.
"Every effort is being made to personally get in contact with riders that remain on the road to inform them of the situation.
"The tracking devices will remain open in the interests of safety and the event is continuing to work with the relevant authorities.
"This is a difficult time for everyone involved, along with their families, and their well-being is our primary concern."
The 5500-kilometre race started on March 18 in Fremantle and the leading rider, Belgium's Kristof Allegaert, was expected to reach the finish line at the Sydney Opera House later on Friday.
The driver of the car involved in the ACT incident is assisting police with their inquiries.
Crash investigators are piecing together the circumstances surrounding the collision and a report will be prepared for the coroner.
About 70 riders from around the world started the race, organised by Australia's 2015 Trans Am winner Jesse Carlsson.