The armed men, believed to be robbers, intercepted the woman at Model Town in Lahore while she was returning home from office and fired at her, said Superintendent of Police Malik Liaquat.
The woman was taken to Jinnah Hospital, where doctors performed an emergency surgery.
"She suffered two bullet injuries and we are trying to save her life," Jinnah Hospital administrator Mohammad Salahuddin said.
The woman, whose identity could not immediately be ascertained, works for an NGO.
TV news channels reported she had been living in Pakistan for over three decades and had been involved in training nurses.