The incident occurred in Tigri village when BJP's Shiv Kumar Yadav, a resident of Bahlolpur village of Greater Noida, was travelling in Toyota Fortuner car.
As he reached Tigri, the assailants opened indiscriminate fire, killing Yadav and his guard Bali.
The third man, Rahispal, sustained bullet injuries. He was rushed to the GTB Hospital in Delhi where doctors said his condition was stable.
The assailants fled the spot, the police said.
According to reports coming in, the shooters continued to fire shots at the car for about half a kilometre.
Kumar's car thus lost balance and hit a divider.
Assistant Superintendent of Police Suniti Singh said an initial investigation showed the motive behind the murder appeared to be personal.
"But we can say more only after the investigation is completed. We are conducting raids to nab the criminals," Singh said.
Image Source: ANI | Source: Times Now