Two attackers wearing balaclavas shot the victim at a cafe in the town, a popular destination for foreign visitors. The man, who was hit in the head, died instantly.
The two assailants also injured two other people in a hail of bullets before they fled on a motorbike, local authorities said.
Initial investigations indicate that the dead man was specifically targeted, authorities said.
Morocco's head of government said on Twitter that two people had already been arrested.
The incident prompted widespread concern on social media, with rumours of a terrorist attack circulating on the Moroccan internet.
Shooting deaths are extremely rare in Morocco, where there are very few guns in circulation.
The kingdom has previously been the victim of terrorist attacks, with 45 people killed in 2003 in Casablanca, and 17 killed in Marrakesh in 2011.
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