Two police motorcycles were also spotted at the scene and are believed to have been part of the investigation.
A spokesperson for police watchdog the Independent Office for Police Conduct (IOPC) spokesman said: “We can confirm we have begun an independent investigation into the circumstances of a fatal road collision involving a motorcycle in central London this morning (Monday).
“We understand the collision took place at around 6.45am after the motorcycle had failed to stop for two marked Metropolitan Police Service (MPS) motorbikes in Tottenham Court Road.
“Shortly afterwards, the driver of the motorcycle, aged 18, is understood to have been in collision with a taxi and sadly died at the scene.
Met officers at the scene provided first aid before the ambulance service arrived but the teenager was pronounced dead at the scene
"A pillion passenger, aged 17, sustained non-life threatening injuries.
“After being notified by the MPS, we have sent investigators to the scene and to the police post incident procedure to begin our enquiries.
"Our thoughts are with all those affected by this tragic incident.”