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The incident happened around 6.15 am outside a restaurant, they said.
The deceased was identified as Munna Sharma who was associated with the BJP for years.
In a statement, police said the armed men fled the spot after the shooting.
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“Police have registered a case and launched a manhunt to nab the accused. Officials are analysing CCTV footage of the area to identify the accused,” it added.
Leader of the opposition in the assembly Tejashwi Yadav of the RJD claimed that the incident showed crime was flourishing under the NDA government in the state.
“The state government, under the leadership of Chief Minister, Nitish Kumar, has miserably failed to check the deteriorating law and order situation in the state. CM and NDA leaders are clueless about the collapsed law and order situation in the state. Criminals are killing people… the CCTV footage shows how criminals are running away after killing BJP leader,” he posted on X.