The incident involving a pedestrian, car and a bus took place on the junction with Evelyn Street and Deptford High Street at around 8.30am (November 13).
A cordon was put in place with heavy emergency services presence at the scene.
The woman was pronounced dead by paramedics and another was treated and discharged at the scene.
A man was arrested by police on suspicion of causing death by dangerous driving.
He remains in police custody.
Evelyn Street is still closed as investigations continue.
There are currently closures between Abinger Grove and Deptford High Street, with heavy traffic up to Greenwich and the one-way system in New Cross, with numerous bus routes diverted.
Police are urging anyone with information to come forward by contacting 101 quoting the reference CAD 1476/13Nov.
A spokesperson for the Met said: “Police were called at 08:22hrs on Thursday, 13 November following a collision between a bus, car and pedestrian on Evelyn Street, Deptford.
“Despite the best work of paramedics the pedestrian, a woman in her 30s, sadly died at the scene.
“A 21-year-old man has been arrested on suspicion of causing death by dangerous driving. He remains in custody.
“The road remains closed as enquiries continue.
“Anyone with any information that could help police should call 101 quoting CAD 1476/13Nov.”
