The 55-year-old former deputy premier, a vocal Putin critic prominent at opposition rallies, was shot in the back several times just before midnight Friday as he walked across a bridge a stone's throw from the Kremlin walls.
The brazen assassination is the latest in a string of murders of opposition figures in Putin's 15 years in power and recalls the shooting of anti-Kremlin reporter Anna Politkovskaya, gunned down on Putin's birthday in October 2006.
Allies of Nemtsov, a longtime anti-corruption crusader who served as deputy premier under Boris Yeltsin, linked his death to his opposition to the Kremlin's policies.
Hours before the killing, he had gone on a popular radio station to urge people to join an opposition rally today calling for "an immediate end to the war in Ukraine."
More From This Section
The rally has now been cancelled and Russia's opposition will hold a march in memory of Nemtsov through central Moscow in the afternoon, crossing the bridge where he died.
Investigators said gunmen fired at least eight shots from a car as Nemtsov walked with a woman named by Russian media as 23-year-old Ukrainian model Anna Duritskaya, who was unhurt.
Footage aired by Russian TVC channel from a distant camera showed someone, suspected to be the killer, running along the road and jumping into a waiting car which then sped off.
The camera angle left Nemtsov and his companion hidden from view.