Emergency services were called to the scene on St Vincent Street at around 7.40pm on Thursday.
Police said the driver of one of the vehicles was arrested and released pending further inquiries.
The pedestrian, a woman, was pronounced dead at the scene.
A Police Scotland spokesperson said: “Around 7.40pm on Thursday, officers received a report of a crash involving two vehicles and a pedestrian on St Vincent Street, Glasgow.
“Emergency services attended but the female pedestrian was pronounced dead at the scene.
“The driver of one of the vehicles, a 28-year-old woman, was arrested in connection with the incident and released pending further inquiries.
“The road was closed while crash investigations were carried out and reopened around 3.15am.”