It happened around noon at 88th Street and 37th Avenue in Jackson Heights.
The shooting happened inside an apartment, but the victim was able to make his way to the street for help.
He was rushed in critical condition to Elmhurst General Hospital, where he later died.
Authorities say it appears the victim and the suspect were in the same apartment at the time of the incident.
A blood trail led officers back to the apartment where the shooting happened, and the suspect was taken into custody there.
Charges are pending.
The victim's identity has not been released, and he has only been identified as a man in his 30s or early 40s.
The motive is presently unclear.
----------
* More Queens news
* Send us a news tip
* Download the abc7NY app for breaking news alerts
* Follow us on YouTube