Six armed assailants sprayed bullets on Anil Singh, a Navada resident, and Ajab Singh last night, they said.
The two were rushed to a hospital where Anil died during treatment while Ajab's condition is still critical.
The accused were identified as Parminder, Satish, Rahul, Shobit, Kapil and Sandip, police said, adding that a manhunt had been launched to arrest the assailants.
Anil was involved in several cases of loot and extortion, police said.