The victims, identified as Noorul Hasan and Sabir, worked for a private television channel in Nowshera. The duo was travelling on the busy Ring Road when they were intercepted by armed men and fired upon.
Hasan was shifted to a local hospital where he succumbed to his injuries, with Sabir's condition said to be critical.
The body of the deceased has been handing over to his family.
Journalist gunned down in Haripur for reporting on drugs
The Khyber-Pakhtunkhwa (K-P) Inspector General Police Salahuddin Khan Mehsud took notice of the incident, and ordered a detailed report into the matter.
Further, Capital City Police Officer Peshawar has been ordered to personally oversee the investigation.
Meanwhile, the K-P Union of Journalists has condemned the murder and demanded to take to task those responsible for the murders.
"The K-P government and security forces have failed in ensuring the protection of the journalists," read a statement by the journalists' organisation.
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