Officers responded to the 0-100 block of Falsby Way NE just before 11 a.m. for reports of shots fired.
Police say a man was pronounced dead at the scene.
Officers blocked off Falsby Way as well as a section of 54th Street NE while they investigated.
Police arrested a man and a woman early Monday afternoon.
CPS members walk a handcuffed woman to a CPS vehicle during the Monday morning response to a shooting in Falconridge.  An autopsy will be conducted later this week, when the victim’s name is expected to be released.
The death is the second in Calgary in the past two days.  On Sunday, a body was discovered in Mount Royal by a dog walker.
“Although we are in the preliminary stages of the investigation, investigators do not believe the two suspicious deaths are related,” police said in a statement.
Investigators are in the process of interviewing witnesses and searching for CCTV footage.
Neighbors and police say the regular unit has been called to the Falsby Way home before – including about a month ago. 
“Things have gotten bad in the last ten years or so,” said a neighbor who did not want to be named.  “He’s been a bad news magnet for the last 10 years or so.”
If the man’s death is ruled a homicide, it will be the 17th of 2022 in the city. 
Anyone with information is asked to call the Calgary Police Service’s non-emergency line at 403-266-1234 or contact Crime Stoppers anonymously.