The shooting happened around 6 a.m. near a strip plaza at the corner of the The Chase and Credit Valley Road in Mississauga.
Police said the victim was shot in the pelvis and rushed inside the nearby Credit Valley Hospital, where he was treated and is currently listed in stable condition.
A young man ran into a nearby gas station to tell the attendant his friend had been shot by a male suspect wearing a ski mask.
Police say the investigation is still in the early stages, but say witnesses have told them the suspect fled in a red car.
Anyone with further information is encouraged to come forward and report any tips to Peel Regional Police.