Shots were fired on central Tel Aviv’s Dizengoff Street on Tuesday, in what police said was a crime-related incident.
There were no injuries in the shooting, police said.
Two suspects were arrested, but they were later released after it became clear they were not involved in the shooting.
An initial investigation found that two suspects riding a motorcycle fired shots at a third man who was in a car on the street.
The apparent target of the shooting is a resident of the neighboring city of Bnei Brak, the Kan public broadcaster reported.
He is a known criminal who has been involved in extortion and illegally growing cannabis, the report said.
According to the report, the target has a history of serious violent crime, and served a 22-month prison term.
In April, two Israelis were killed when a Palestinian gunman opened fire on a Dizengoff Street bar, amid a spate of terror attacks.