The bus, which was coming from Palika, hit Dheeraj (25) and Kanti Devi (30), as the driver failed to apply the brakes on time, a senior police officer said.
The bus then rammed into three to four motorcycles parked nearby, he said, adding the accused driver, Dharamveer, was arrested from the spot.
Dheeraj was rushed to a hospital where he was declared brought dead, while Kanti Devi is undergoing treatment, the official said.
Dheeraj, a resident of Wazirpur, used to work as a CCTV repairing agent in Shalimar Bagh. He had gone to Chandni Chowk for some work and around 12.30 PM, he was walking towards his shop when the incident happened, police said.