Toronto police Det. Rob North said shots were fired about 8 p.m. ET Saturday night and that police were looking for five or six suspects.
Police had earlier said that a man and a woman had been shot but later corrected that, confirming that both shooting victims were men.
North said two groups got into an altercation inside the mall and then carried the fight outside into the parking lot where shots were fired.
"The initial confrontation began inside the mall," he said. "There were no shots fired inside the mall. The two groups of individuals left the mall and shots were fired outside of the mall."
North said it was too early in the investigation to offer any further information about the victims, the suspects or whether the incident might be gang related. No innocent bystanders were targeted or wounded, he said, though he indicated police believe this was not a random act of violence.
North said police were looking at video from surveillance cameras and talking to witnesses. They were also checking cars as they left the parking lot, and holding a number of vehicles at the scene, asking their owners to be patient and return Sunday to pick them up.
The incident comes less than a year after a shooting at Toronto's Eaton Centre left one man dead and seven others wounded.