Enda Dolan, from Killyclogher in Omagh, County Tyrone, was involved in a collision on the Malone Road, near the Elms student village, at 02:25 BST.
A 29-year-old was arrested on suspicion of causing death by dangerous driving.
A 19-year-old man remains in custody on suspicion of causing death by dangerous driving and driving whilst unfit through drink or drugs.
Mr Dolan was a first year architecture student at Queen's University in Belfast.
The Malone Road was closed for almost 12 hours but is now open in both directions.
Police have appealed for witnesses, or anyone who was travelling on the Malone Road at the time of the incident, to contact them.
Police have arrested two men following the death of an 18-year-old student in Belfast on Wednesday.