Police said the shooting happened in the South Austin neighborhood's 300-block of South Central Avenue just before 9 p.m.
A 30-year-old man approached a 35-year-old man, who is a food vendor, and there was a brief struggle, police said.
Police said the 30-year-old took out a gun, and the 35-year-old, who is a CCL holder, also took out a gun.
There was an exchange of gunfire, and the 30-year-old, who suffered multiple gunshot wounds to his body, was transported to Mount Sinai Hospital, where he was later pronounced dead.
The Cook County Medical Examiner later said 34-year-old Demitrius Manning was killed in the incident. Police had reported earlier the man who died was 30 years old.
The 35-year-old food vendor, shot in his right arm, was transported to Stroger Hospital in good condition, police said.
Police said the incident is being investigated as an attempted robbery.
There were two firearms on the scene, and Area Four detectives are investigating, police said.
Police did not immediately provide further information about the shooting.
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