The incident happened at 26th Avenue and Main Street shortly after 11 p.m. PT when a 34-year-old man got out of his car and fired four shots just as about 65 people were leaving a wrestling-themed comedy show at Little Mountain Art Gallery.
Paul Lazenby was watching the show and said he heard gun shots from inside the gallery.
"I heard three loud bangs and saw people running and scurrying around outside," he told CBC News.
The shooter apparently fired at two other men, who police say were strangers.
"One of the individuals he shot at was struck. He had a very minor, what we would consider a graze type wound," said Const. Brian Montague. "He was seen by ambulance at the scene, but he did not require hospitalization."
The shooter then turned the gun on himself.
Lazenby said he went outside and saw the shooter lying on the ground.
"He was laying on his back, not moving. He was breathing but he was in bad shape ... He had quite a bit of damage to the side of his head."
Montague says police have dealt with the shooter before but he didn't appear to have a criminal record. Police say neither of the two people he shot at are known to police.
Police say the shooting does not appear to be gang related.
"A lot of people were still standing around in shock. We're not used to seeing that sort of thing around here," Lazenby said.
"We live in a great city and we have our share of that stuff happening, but usually when you hear about people getting shot in Vancouver, it's gang related ... whereas this one, it has the hallmarks of being a completely random occurrence, and that's kind of chilling."
A large number of witnesses have been questioned, and police say they're looking into whether the shooter might have had mental health issues.