Police said the shooting happened near 17th and Wallace streets around 11:30 p.m.
Investigators said two men got into a dispute, though authorities did not share what the argument was about.
During the confrontation, police said a 34-year-old man pulled out a handgun. A 24-year-old man also drew a handgun and fired, striking the 34-year-old four times in the upper body.
The 34-year-old was taken to Temple University Hospital, where he was pronounced dead.
Police said the 24-year-old has a valid permit to carry and told investigators the older man was allegedly intoxicated.
The investigation remains ongoing. Anyone with information is asked to contact Philadelphia police.