Waterloo Regional Police were called to area of King Street and University Avenue in Waterloo after reports of shots being fired around 2 a.m. on Friday.
They say a 26-year-old man from the Greater Toronto area sustained an injury. He was taken to hospital where he was treated for non-life threatening injuries.
Police remain on scene as they continue to investigate, but they believe it was a targeted incident.
Anyone with information is asked to call police at 519-570-9777 ext. 8666 or Crime Stoppers at 1-800-222-8477.