Matthew Dutch Garner, 29, ran his own production company called Escape Montreal and was known for bringing some of the world's top hip hop acts to the city.
Montreal police say the incident happened early Friday evening when officers were called to an apartment to investigate reports of an argument involving several people.
When they arrived, the apartment was in flames and two people were found with serious burns.
One man was pronounced dead at the scene, while the other managed to escape the fire but died later in hospital.
Police would not confirm the cause of death, though investigators believe the men were targeted and are calling the deaths homicides.
Police have not released the names of the victims, but a promotional company called Long Life Productions, which specializes in hip hop music, confirmed Garner had died Friday night.
"He opened the doors for the world to see Montreal," said a statement on the company's website. "His life was taken last night and left the city in a state of shock."
Investigators believe the incident could be drug related and say the victims were known to police.
No suspects have been arrested and the force's major crime unit is investigating.