The incident took place this evening when Harinder Dujana and Mukesh Yadav, both property dealers, were travelling in a car, police said, adding, a bike overtook their vehicle and forced them to halt.
The accused shot at the duo, killing Dujana on the spot and leaving Yadav critically injured, they said.
Seven bullets hit Harinder and he died on the spot, while Yadav was rushed to Yashoda hospital in Ghaziabad.
The police is probing the incident and a gang-war is suspected to be the reason behind the killings.