Emergency services are currently at the scene of the accident which happened at the junction of the Inverness to Aberdeen main road and Leopold Street just after 3.30pm.
A police spokesperson said: “Following a road traffic collision – involving two elderly female pedestrians and an articulated lorry – sadly an elderly female pedestrian has died.
“The other elderly female has been transferred to Raigmore Hospital with serious injuries. The male driver of the lorry was not injured.
“The A96 at Academy Street remains closed while investigation into the incident is carried out.
“Local diversions are in place but are not suitable for HGVs and buses, drivers of which are advised to avoid the area until further notice.
“Motorists and residents are thanked for their patience.”
One woman dead and second seriously injured after being hit by lorry on A96