The incident occurred in Kamani Kurla area under Ghatkopar police station limits last night when Vishal Issave and Niraj Singh were headed towrads a mall.
The accused, later identified as Kamran Siddiqui, attacked them with a sharp weapon and attempted to steal their mobile phones.
While Singh succumbed to his injuries in a hospital, Issave's condition is stated to be serious, police said.
Siddiqui has been booked under sections 302 (punishment for murder), 307 (attempt to murder) and 397 (robbery or dacoity), an official said, adding that efforts are on to trace him.
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