It happened around 10 p.m. at Jones and Hill streets in the College Park neighborhood.
Officers said 23-year-old Winzo Omari Gill was shot in the chest and taken to WakeMed, where he later died.
Eyewitnesses told ABC11 that they heard four gunshots and then a vehicle speeding away.
The incident remains under investigation, and no arrests have been made.
Anyone with information that might assist the homicide detectives who are handling the case should call Raleigh CrimeStoppers at (919) 834-HELP.