Police have confirmed the woman, who was a pedestrian, died after a turquoise Vauxhall Astra crashed.
Another man, who was also a pedestrian, suffered life-threatening injuries and is currently in hospital.
No details have been released by the police about the Vauxhall Astra driver or whether arrests have been made.
The road was closed for seven hours while emergency services were working on the site – it has since been reopened.
Police are appealing to anyone with more information or images from the dash camera.
A Lincolnshire police spokesperson said, “We can confirm that the pedestrian involved in the collision, a woman in her twenties, has died.
“The pedestrian was taken to hospital with life-changing injuries.
“If you have any information or images from the dashcam, please call 101 citing incident 22 of July 18. “