Bay of Plenty road policing manager inspector Brent Crowesaid initial inquiries indicated the vehicle, a red 2001 Holden Commodore, failed to negotiate a moderate left-hand bend.
It then collided with a tree, causing extensive damage to the vehicle.
The driver died at the scene and the only other occupant, also a man, was flown to Waikato Hospital in critical condition.
Police are appealing for any information or sightings of this vehicle in the Tirau area, along with a late model white Honda SUV, which was seen leaving the crash site.
It is thought to be fitted with black roof rack runners, dark tinted windows and a registration contained the letter 'E'.