It happened on Sept. 29 around 6:45 p.m. at New Bern Avenue and Hill Street.
Police said the victim, 30-year-old Joshua George Ayalogu, was taken to WakeMed, where he later died the following morning.
Following an investigation, detectives arrested 21-year-old Mikal JaJwan Jordan in the town of Ahoskie, which is about 120 miles northeast of Raleigh, without incident on Monday afternoon.
Police also arrested 21-year-old Solister Lester III in Raleigh without incident, in connection with the crime.
Both are facing murder charges and are being held in the Wake County Detention Center.
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The investigation of the case is continuing, and anyone with information that might assist detectives is asked to call Raleigh CrimeStoppers at (919) 834-HELP or visit raleighcrimestoppers.org for text and email reporting options. CrimeStoppers pays cash rewards for anonymous tips that help solve cases.