It happened around 9 p.m. at Broad and Diamond streets near Temple University's North Philadelphia campus.
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Officers found a 29-year-old man suffering from a gunshot wound to the thigh. He was rushed to Temple University Hospital and placed in critical condition.
According to Philadelphia Police Captain John Walker, the two suspects were already in the parking lot, sitting in a burgundy SUV when the victim and another male arrived in a gold-colored vehicle.
The gunfire erupted when the victim exited the vehicle to talk to a person in the parking lot, Walker said.
A man who was with the victim then returned fire.
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Evidence markers were scattered across the parking lot. Walker says roughly 30 shots were fired.
No other injuries were immediately reported.
Police are still searching for the suspects and the other male.
Anyone with information is asked to call police at 215-686-TIPS.