Sean Charles Greer, 27, was booked into the Broward County Jail Tuesday evening, according to the sheriff's office.
Police gave his address as one less than a third of a mile from where the carnage took place.
He allegedly confessed to his involvement in the crash, which happened just before 3 p.m. Monday, according to sheriff's office spokeswoman Miranda Grossman.
"He faces two counts of leaving the scene of an accident involving death, two counts of leaving the scene of an accident involving serious bodily injury, two counts of leaving the scene of an accident involving injuries, tampering with evidence, four counts of driving without a license causing death and/or serious bodily injuries and driving with a suspended license," she said in a statement. "Greer is also currently on probation for burglary of a dwelling in Broward County."
Investigators said they found the vehicle earlier in the day.
Authorities also released the names of the victims, three of whom are related.
Five-year-old Kylie Jones and six-year-old Andrea Fleming were killed in the hit-and-run at 2417 NW Ninth Avenue in Wilton Manors. The driver of a 2009 Honda Accord allegedly swerved around a turning Broward County Transit bus, rode up on the sidewalk and plowed through the children.
Earlier reports stated that three children were rushed to the hospital, but investigators said Tuesday it was four: Draya Fleming, 9, Laziyah Stokes, also 9, Jonathan Carter, 10, and Audre Fleming, 2.
The three Fleming children were siblings visiting their father. They were struck on the sidewalk and in a driveway in front of a residential building just a few blocks away from roughly a half-dozen schools.
Greer was allegedly speeding south down Powerline Road when the bus driver tried to merge back into the right lane after dropping off a passenger near the 2500 block according to authorities. The suspect allegedly sped up, passed the vehicle on the left, "almost striking the front driver’s side," before cutting hard to the right in front and careening off the road.
Investigators were asking anyone with information on the driver to call Broward County Crime Stoppers at 954-493-TIPS.