The victims have been identified as Jyanti Rathore (52) and his 30-year-old son Ajay.
According to police, four persons on two motorcycles opened fire at Rathore and his son at a residential colony here and sped away.
Rathore is an ex vice chairman of a local civic body and his son is an NSUI activist.
They had a property related dispute with their business partners, which seems to be the cause behind the attack, police said, adding that a manhunt has been launched for the accused.