The incident happened in the 100 block of Auburn Avenue.
The gunman shot multiple times before jumping in a car and fleeing the scene, Channel 2 Action News reported.
The Fulton County Medical Examiner early Tuesday identified the dead man as Joshua Alexis, 27, of Stone Mountain.
Authorities told Channel 2 that they believe the shooting may be the result of an ongoing dispute between the gunman and at least one of the victims.
The men were transported to Grady Memorial Hospital, where Alexis died, the report said. The other man is in stable condition, Atlanta police spokesman Officer John Chafee said.
The wounded man’s name has not been released.
The investigation is continuing.