The collision took place on the Shore Road around 6.15pm and involved a red BMW travelling towards Carrickfergus and a blue Ford Focus.
Following the incident police said the driver of the BMW made off from the scene.
In a statement on Sunday evening, they said a 36-year-old man has been arrested on suspicion of dangerous driving, along with failure to stop, remain and report where an accident occurred causing injury.
In an update issued just before Noon on Monday, police confirmed the man has been released on police bail pending further enquiries
A PSNI spokesperson said: “Enquiries into the circumstances of the collision are continuing. Police would appeal for anyone who was in the Shore Road area around 6.15pm and who may have relevant dashcam or other footage to contact them on 101, quoting reference number 1530 of 26/08/23.”