The incident reportedly occurred outside the Bodi nightclub in Chicago, Illinois, where revellers including the I Can hitmaker had gathered following the second day of the iconic music event held in the city's Grant Park on Saturday (02Aug14), where Nas performed.
Police officers patrolling the area heard gunfire at around 3.50am and saw a suspect reportedly running from the scene. They then found the two victims close to the club - a 32-year-old man was dead in a nearby alley and an unnamed 21-year-old was lying in front of the venue with a severe abdominal gunshot wound and injuries to his foot and wrist
A weapon was also recovered from the scene.
The surviving victim was reportedly taken Northwestern Memorial Hospital where police say his condition stabilised.
A source tells Revolt.tv that Nas had been escorted from the venue before the shooting took place.
An autopsy is due to be carried out on the dead man on Monday (04Aug14).