Police were called to the area of Dixon Road and Islington Avenue, near Don Bosco Catholic Secondary School, just after 12:30 p.m. ET.
Paramedics say both victims are men in their 20s. One was pronounced dead at the scene, while the other was taken to hospital in life-threatening condition.
It's too early to tell how many times the victims were shot or where in their bodies the bullets struck, paramedics say.
Police haven’t released any information about possible suspects.