Toronto police say they were called to the Jewellry Exchange near Eglinton Avenue East and Warden Avenue just before 2 p.m. The exchange is located on the south side of Eglinton Avenue and it is near a plaza that contains a courthouse.
Police say the wounded man fled the scene, but was soon located.
A parking lot at 1921 Eglinton Ave. E. has been closed and one person has been taken into custody, police say.
Paramedics say they are treating two patients. Police reported that an ambulance made an emergency run to Toronto's Sunnybrook hospital, following the shooting.
Eglinton Avenue East is currently closed between Warden Avenue and Lebovic Avenue.
The TTC says its 34 Eglinton buses are diverting.
Police are asking witnesses to contact investigators at 416-808-4100.