The deceased's associate was seriously injured in the attack in Sudama Nagar areas, Superintendent of Police (Western Region) Abid Khan said.
The two, Jitendra Yadav and Pankaj Yadav, were travelling in a car when they were stopped by the attackers, who were also in a four-wheeler.
The criminals dragged the duo out of the car and fired at them from point blank range. While Jitendra died, Pankaj was seriously wounded and later admitted to a private hospital, he said.
Police have identified four of the attackers and launched a search for them.