The incident took place this morning when the two were heading towards Gola Kuan and some unidentified persons fired at them, Superintendent of Police (City) Om Prakash said.
While one person died on the spot, the injured person was rushed to a hospital and is stated to be in a stable condition, he said.
As per preliminary investigation, an internal dispute among the transgenders could be the reason behind the murder, he said, adding, efforts are on to nab the accused who fled from the spot.