Police said a man in his 20s had now been arrested in connection with the incident.
A man and a woman are also being treated at Bristol Royal Infirmary for injuries which are not life-threatening.
Det Supt Sue Scott, of Avon and Somerset Police, who is leading the investigation, said it is 'an emerging picture' at the moment.
She said the dead man was understood to be aged about 23 and that his family had been informed.
The other two people injured are also suspected to have been shot, she added, but is unclear as to whether the cases are related.
There are road closures around the scene of the shooting – both ways between Warwick Road and Oxford Place.
The shooting follows two recent stabbings in the area.
John Kiely, a Bristol city councillor for the Easton Ward, said: ‘It is very concerning there appears to be an escalation in violent crime over the past few weeks. One person was fatally stabbed recently and another seriously injured.
‘There have been concerns about knife crime, but to hear of a fatal shooting is even more worrying.
‘I called for an in-depth inquiry into violent crime in the Stapleton Road area following the stabbing of a Somali national in the area last year.
‘A working group has since been set up to try and address the issue as well as how to engage with young people.’
He added: ‘Obviously there are worries about what resources are going to be available to the police in the future, especially given the ward has some of the highest crime figures for the Avon and Somerset Constabulary area.
‘I have been a councillor in the ward for around 24 years and the majority of people live in the Easton ward are very law abiding.
‘The problems seem to come from people outside the area.’
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