Andris Liepa, 28, was killed when the car he was travelling in plunged down an embankment on Station Road, Kirkham, early on Wednesday and collided with a tree.
Mr Liepa, who lived in Wesham but was originally from Latvia, was pronounced dead at the scene.
Sgt James Power said: “Our thoughts remain with Andris’ family at this time.
“An investigation into the circumstances is ongoing and I would appeal to anybody who witnessed it or has any information which could assist us to come forward.”
Eyewitnesses have today described a scene of “absolute chaos” after the tragic accident, which happened at around 7.20am.
Station Road resident Phil Shuttleworth, 30, said: “We were in bed in the morning and there was a ridiculously loud bang.
“Within 10 minutes there was a surge of emergency services, it was absolute chaos.
“I went out to have a look and I could see the lights of the car buried in the trees down the grass bank.”
Gillian Furness, director at Dreamcatcher bridal wear on Station Road, said: “It’s not nice to hear. It’s a straight piece of road and people do fly along so it is a dangerous stretch.”
Ash Ford, a 20-year-old employee at the nearby Londis store, added: “I wouldn’t know him by name but I think the guy used to come in here.
“He was a nice guy, but quiet really.”
Around 10 floral tributes have been left at the scene of the crash, close to Kirkham and Wesham railway station.
One passer by, who did not want to be named, said: “My grandson came through on his way to work and he saw the police here measuring it up.
“We woke up at about half past eight because of the noise of the police helicopter.”
A 31 year old man from Wesham was arrested on suspicion of causing death by dangerous driving and remains in police custody.
Witness appeal after fatal crash into tree
The crash happened on the Kirkham bound carriageway of Station Road. The silver Lexus, collided with a tree at 7.20am.
Two other men who were in the car with the Mr Liepa were taken to Royal Preston Hospital for treatment.
One remains in hospital with an injury to his pelvis, while the other man has since been discharged.
Anybody with any information is urged to call police on 101 or Crimestoppers anonymously on 0800 555 111.