The incident took place last night around 10.30 pm in Krishna Market in Bhajanapura area in east Delhi, they said.
Aadesh Kumar, a resident of Loni in Ghaziabad, died on the spot when one Dharmendra fired a bullet after an argument with the deceased's cousin Bhola. Dharmendra was part of a three-member group which countered Kumar and his cousin Bhola.
Kumar and Bhola went to the market where the latter owns five shops which are given to different people on rent.
The trio entered into an argument with Bhola over the issue of the latter forcing them to vacate his shops. The argument turned ugly and in the end Dharmendra shot at Kumar, police said.