The shooting occurred around 5:30 p.m. Wednesday at 23rd and Edgley streets in the Strawberry Mansion section of Philadelphia.
His family told Action News that the victim, 28-year-old Mack Ausby, Jr., was shot eight times. He was rushed to Temple University Hospital where he was pronounced dead.
"It was my son's bike that he bought for his kid, for my grandkid, his son," said Ausby's Father, Mack Sr.
According to the family, Ausby - a father of six - told loved ones he tracked the bike to an area near 23rd and Edgely.
Family members say there was a scuffle with the gunman and, while on the cell phone to a favorite uncle, shots rang out.
"He went to get it back and he shot my son, for what? A bike? Why would you shoot my son over a bike?" Ausby, Sr. said.
Police had no word on the suspects identity, except to say he was between 18 and 20 years old.