The Taiwanese immigrant turned 100 last November.
Police identified the suspect as Akesha Norman, 48, to FOX 2 San Francisco. Norman was found and arrested using surveillance video.
Police were offering up to a $10,000 reward for information leading to an arrest in the case. (Citizen App)
Officers said on Friday that Ko suffered severe head trauma during the collision.
Ko's daughter, Shirley, said that she was still in shock over her father's death. His wife passed away in January.
"Everybody should learn from him," Shirley said. "He lived over 100. He exercised, he takes care of himself."
OAKLAND POLICE TO INCREASE PRESENCE AMID CRIME WAVE, CITY LEADERS SEEK TO REVERSE PLANNED CUTS
Ko suffered severe head trauma during the collision and passed away at the age of 100. (Citizen App)
"We're really, really close, so this is really a shock for me," she added.
During Friday's press conference, Captain Anthony Tedesco urged the public to never leave the scene of a car crash.
Police said the vehicle that struck Ko and sped away is believed to be a tan or white Mini Cooper. (Oakland Police Department)
"If you're involved in a traffic collision, checking on the safety of the other person involved is paramount," he said.