The Associated Press reported that Shawn Michael Chock, 35, of White Mountain Lakes, allegedly hit the bicyclists and then fled the scene of the crash on Saturday.
Mr Chock was shot by police while he fled the crash. Kristine Sleighter, a spokeswoman for the Show Low Police Department, said the man was still hospitalized and is in stable condition. He has not yet been charged.
Show Low is approximately three hours north east of Phoenix.
The driver is a resident of White Mountain Lakes, which is near Show Low, where the crash occurred.
The crash occurred just before 7.30am during the annual Bike the Bluff race, which traditionally draws hundreds of participants.
Witnesses to the crash said they saw bodies and bicycles flying as the truck tore through the group.
One of those witnesses, Tony Quinones, said some riders initially believed the truck driver fell asleep at the wheel, but he claims he saw the driver awake and alert as he rammed the bikers.
"He went right at us," he told the AP.
A motive for the crash has not been determined.
Seven bikers were transported to the hospital after the crash, with all but one in critical condition. Ms Sleighter did not provide additional information on the status of the injured.
According to witnesses, the truck crashed into a telephone pole after driving through the bikers. Other race participants then ran up to the truck and began banging on the windows, demanding the truck driver get out of his vehicle.
Mr Quinones told the AP that the driver then backed away from the pole and drove away, after which he made a U-turn and headed back towards the bikers. He did not hit them a second time, but continued driving and fled the scene.
Police caught up with the man at a nearby hardware store. Mr Chock refused to comply when police officers attempted to arrest him, which resulted in police shooting him.
The details leading up the shooting are not currently known.