The person who had died in the incident had gone in a boat to traffick drugs and got involved in a disagreement with regard to money.
He is said to be a 32-year old fisherman, who is a resident of the Keselwatta area in Panadura and a father of one.
The killing is said to be a contracted murder.
The victim was shot at in broad daylight, when travelling with two others in a trishaw. CCTV footage has shown how killers on a bike had then fled.