Farid Khan Aurakzai was being driven home when gunmen riding a motorcycle ambushed his vehicle in the main market in Hangu town of Khyber-Pakhtunkhwa province this evening.
The gunmen fired indiscriminately at the vehicle, killing him instantly.
Aurakzai's bodyguard and driver were injured in the shooting, police officials said.
No group claimed responsibility for the attack.
Aurakzai was elected to the Khyber-Pakhtunkhwa Assembly as an independent candidate in the May 11 polls.
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He later joined the Pakistan Tehrik-e-Insaf.
President Asif Ali Zardari too strongly condemned the killing and directed authorities to thoroughly investigate the incident and bring the assailants to justice.
The Tehrik-e-Insaf has formed government in Khyber-Pakhtunkhwa with the support of several smaller parties.
This is the first time that the party has come to power in any part of Pakistan.
Khan has backed efforts to hold a dialogue with the Taliban and other militant groups to end the unrest in the country's northwest.