Police say the incident occurred just after 1 a.m. in the 900 block of Douglas Street.
Officers responding to calls of multiple shots fired saw a vehicle fleeing from the scene, but by the time it could be tracked, the occupants were gone — although a weapon believed linked to the shooting was found.
A woman was also taken into custody, but investigators say there is no sign of the suspect.
Victoria Police have roped off several blocks of Douglas Street and say the area will remain behind police tape for most of the day.
They have not revealed a motive for the shooting or identified the victim, but say he has non-life threatening injuries.