The shooting happened at around 10:30 p.m. PT in the upmarket Coal Harbour neighbourhood on West Cordova Street between Burrard and Bute streets. Witnesses reported hearing approximately four shots fired.
One victim was found in a car, the other was found nearby. Both were rushed to hospital with serious injuries.
One, a 28-year-old Richmond man, later died from his injuries. The other, a 29-year-old North Vancouver man, remains in serious condition. Police say both are well-known gang members but have not released their identities.
Police say there were several witnesses to the shooting, and their accounts vary, but investigators believe more than one suspect was involved in the shooting. No arrests have been made in the case.