The silver Lexus, with the driver and two young passengers inside, was reportedly seen cutting people off and being driven at 80kmh over the speed limit on Tuesday.
Police said the vehicle hit two sets of road spikes before eventually colliding with an oncoming truck.
Bay of Plenty Road Policing Manager, Inspector Phil Gillbanks, says officers and members of the public put themselves at risk to put flames out and save the two passengers.
He said people ran to the scene with extinguishers and about 18 were used to put the fire out.
"Their actions were courageous and saved lives of the trapped passengers."
The passengers were taken to hospital in a serious condition, while the young driver was found dead at the scene.
Several officers were also treated for minor burns and smoke inhalation.
Gillbanks said police recognised the vehicle as it was of interest following an aggravated robbery in Tauranga on Monday.
He asked for anyone with dashcam or CCTV footage of the silver Lexus sedan, carrying the registration DZS7, to contact police.
A scene examination was completed on Tuesday night and the road was reopened at midnight.
A critical incident investigation is also under way and the IPCA has been notified.
Anyone with information is asked to make a report online at 105.police.govt.nz or by calling 105, using the reference number 260113/9655.
