He was on bail for a separate offence at the time.
O’Connor was arrested after police appealed for the driver to hand himself in or for people to help identify him.
It is alleged he struck the cyclist at speed from behind on Barkly Street.
Police allege O’Connor also hit a parked car and pushed it 80 metres down the street before he parked his car in Argyle Street and walked back towards the crime scene.
Police described the hit-and-run as a “gutless act” and said a witness was brave to take a snapshot of the man responsible on his phone.
O’Connor is facing seven charges, including culpable driving, dangerous driving causing death, fail to remain at the scene of an accident and driving while suspended.
He was remanded in custody and will return to court on June 28.