UPDATE 3/14/14: Austin Police have identified the suspect in the hit and run as Rashad Charjuan Owens, a 21-year-old black male aspiring musician who was in town to perform at the festival. He has not been formally charged yet, but he faces two counts of capital murder and 23 for aggravated assault. Owens, who is from Killeen, Texas, already had a criminal history in his hometown for trespassing. He had also previously been charged with driving under the influence of marijuana in Faribanks, Alaska.

UPDATE 10:44AM: The below is a police account of last night's incident.

UPDATE 12:26PM: Complex News report Brandon "Jinx" Jenkins was live on the scene at the Austin Police Department press conference this morning. He sent audio of APD Chief Art Acevedo detailing the potential charges: "The suspect faces two counts of capital murder, which in the state of Texas is the highest offense you can charge someone with. He also faces multiple accounts of aggravated assault with a vehicle. The vehicle was used as a weapon and he will be charged for those crimes... He is a male black adult."

A hit and run happened minutes ago outside of Austin, TX venue Mohawk before a Tyler, The Creator's performance. Complex Associate Editor Insanul Ahmed reports from the scene at SXSW that festival attendees waiting to get into the House of Vans were hit by a speeding driver who fled the scene immediately. Cops and EMTs are at the site. More details to follow. You can read many unconfirmed reports from Twitter below.

UPDATE 3:15AM: According to Austin Police, an individual is in custody.

UPDATE 2:58AM: Eyewitness report from Ahmed: "There were several lines [outside of the venue]. I was standing on the left side with the badge-holders. There were people without badges waiting on the other side, some in the street. Security moved them onto the sidewalk, some people were possibly hanging off onto the street." He said he then saw a car knocking people on this line and that it looked like, "popping popcorn." He said a cop car immediately followed, although slowly, and he believes that it was already in pursuit of the assailing vehicle before the incident.

UPDATE 2:43AM: Austin Police confirm more details of the accident:

UPDATE 2:21AM: SPIN Magazine reports that a police source at the scene says two people were killed and the driver is in custody.