Police have praised nurses and an off-duty officer who tried to save the life of the 32-year-old woman who died at the scene of the horrific crash this morning.
Detective Inspector Mark Steel said five cyclists were travelling in the group of triathletes when they were in collision with the blue Hyundai which was going in the same direction on Gungahlin Drive.
The female driver of the car was not seriously injured.
Detective Inspector Steel said an investigation into the cause of the crash was under way but did not indicate that police suspected serious crime. Police said speed was not a factor in the collision.
The officer in charge of road policing in the ACT said: "This is a tragedy. As road users - cyclists, motorcyclists, pedestrians - we all have a right to use the road. It comes with a risk but as Canberrans, as motorists, we need to look out for each other and look out for vulnerable road users."
The riders were taking part in early morning training for triathlons, the sport involving cycling, swimming and running.
An announcement by the Canberra Bilbys Triathlon Club earlier on Thursday said: "The Bilbys cycling bunch was involved in an incident this morning on Gungahlin Drive and one member passed away at the scene."
"Please look after each other this morning," the club statement said.
The bikes were travelling north on Gunghalin Drive near Valley Avenue, though it is not believed they were at the junction when the car and bikes collided.
It is believed to have happened at around 6.30am, at about dawn.
The group of cyclists were believed to be out training for the 35-kilometre routes club members regularly take in and around Canberra.
Canberra Bilbys Triathlon Club describes itself as "a friendly club catering for complete beginners and seasoned triathletes alike. The club has around 300 members, including 50 new novices each year which make us the biggest triathlon club in Canberra.
"The Bilbys began in 1987 in Canberra, Australia, when a group of individuals (mainly firemen) formed an informal training group to pursue their goals in the sport of triathlon."
Mid-morning, the blue car remained at the side of the road with a severely cracked windscreen. Cycling clothes remained on the road surface, according to a person at the scene.
ACT Policing confirmed the death after initial reports of a pedestrian or cyclist incident on Gungahlin Drive near the intersection with Oodgeroo Avenue, Franklin about 6.30am on Thursday morning.
Police and paramedics were on scene for some time and the road was closed for a number of hours.
The Canberra cycling group, Pedal Power, expressed its "deepest condolences to the family and friends".
"This is heartbreaking news," Pedal Power ACT director Cecily Michaels said.
"Our thoughts are also with the injured riders, the driver, everyone waiting for news and the emergency services personnel who responded."
The circumstances surrounding the crash are still being investigated. Pedal Power urged the community not to speculate or assign blame while that investigation continues.
"Everyone deserves to arrive safely, whether they are walking, riding, driving or using public transport. No family should have to receive news like this," she said.
"Under the Safe System approach, people will make mistakes, but those mistakes should not result in death or serious injury. Everyone has a role to play, while governments and those who design and manage our roads have a particular responsibility to create a transport system that protects human life."
The Canberra Bilbys said that support was available from Lifeline and Beyond Blue.
