Emergency services responded to reports a man was shot on Mahoney's Road in Reservoir, in Melbourne's north, at about 11:50pm on Tuesday night.
A 55-year-old Richmond man was killed in the shooting, leaving blood covering a driveway and footpath where the incident took place.
It is understood a male offender got out of a parked black Lexus SUV and ran towards the victim before firing multiple shots, police said.
The victim was struck several times to the upper body and died at the scene, while the male offender fled in the Lexus.
The vehicle, which had NSW registration plates, was later set alight on Robinvale Avenue in Thomastown, leaving a dark scar on the road after being extinguished by fire crews.
"It is understood a white Toyota Corolla hatchback was seen fleeing the scene of the car fire," Victoria Police said in a statement.
The white Corolla, with stolen plates, was later located on Dakota Court in Thomastown, with police making enquiries to determine whether it was the same vehicle.
No arrests had been made by Wednesday morning and the investigation into the circumstances surrounding the incident remained ongoing.
Investigators urged anyone who was travelling through the Reservoir or Thomastown areas on Tuesday night between 10:30pm and 1am, and who may have seen the black Lexus or the white Toyota, to check their dashcam footage and provide it to police.
It is the latest in a string of recent public shootings in Melbourne.
On October 15, a man was shot dead in a home in Wollert, in the city's north, in what police said was linked to organised crime.
The victim, a 42-year-old man from the same suburb, was shot multiple times and found dead inside a family home.
On September 6, Daniel Hussein, 22, was killed during gunfire in Thomastown after what police said was an altercation in a car park.
A month earlier, alleged gangland boss Fadi Haddara was left critically injured after being shot outside his Altona North home.
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