Colonel Tariq Ghafoor was on his way to a mosque in posh Hayatabad area to offer Friday prayers when the assailants opened fire on him, police sources said.
SSP city said that the Colonel received two bullets in the head and succumbed to his injuries on the spot.
Another official said, it looks like an incident of target killing. He said the reason behind the killing was not yet clear.
Banned Tehrik-e-Taliban Pakistan (TTP) has claimed responsibility for the attack in a statement.