Police said the incident was initially thought to be a road rage shooting. A woman was also injured.
The deceased man has been identified as 19-year-old Malachi N. Johnson of Streamwood, the Cook County Medical Examiner's Office said.
The other man involved in the shooting, who has a valid FOID and concealed-carry license, fired back at Johnson in self-defense, according to Schiller Park police.
"After reviewing all evidence, along with interviews of involved individuals and witnesses, it was decided, along with the State's Attorney's Office, that no charges would be brought against the second individual involved as it was determined that he acted in self-defense and possessed a valid FOID and CCL," a statement from the Schiller Park Police Department read in part.
Schiller Park police said officers responded to the 10000-block of Irving Park Road at 5:30 p.m. Two people were shot, one fatally, in the shooting.
There, officers found two vehicles, one of which had two gunshot victims inside, police said. Police said Johnson, who was driving a Nissan Sentra, was fatally shot. His passenger, a woman, suffered gunshot wounds and was initially reported to be in stable condition. She was later released from a hospital after being treated for her injuries, police said.
Officers initially said they found five other people inside a Chevy Traverse: a man, a woman and three other people, who police described as "younger."
Residents expressed safety concerns Wednesday after thedeadly shooting.
ABC7 spoke with one woman, Michelle Yarnell, who drove up onto the scene just after shots were fired.
"It shook me a little bit, you know, what I saw there," Yarnell said.
She described the chaotic scene that played out right in the middle of Irving Park Road, just steps from the Tri-State Tollway and a couple blocks from her home.
"The one car was in the middle lane going east," Yarnell said. "Both doors were open, passenger, driver's side doors were open. One woman was very frantic and another woman was trying to console her, and then I saw the gentleman laying on the ground, almost under the car."
Schiller Park police said they've spoken to everyone involved in the incident. No arrests or charges will be made or filed.
Investigators said both vehicles involved in the shooting were traveling east bound on Irving Park Road.
Police said the shooting was an isolated incident and there is no danger to the public.