Armed police descended on the Bridges Business Park in Horsehay following the incident, which happened at about 12.10pm today.
Paramedics from West Midlands Ambulance Service treated one man for gunshot wounds but he has now been confirmed to have died.
Emergency services, including armed officers, are at the scene and police believe the victim was shot at from a vehicle.
West Mercia Police Superintendent Jim Baker said: “There is currently an increased police presence, including armed officers, in and around Horsehay as we deal with the incident.
"Our initial enquiries suggest the man has been shot at from a vehicle and we are carrying out active enquiries to locate that vehicle.”
More than half a dozen marked and unmarked police cars were at the business park off Bridge Road throughout the afternoon and an air ambulance landed on the grounds of Horsehay Village Hall.
A police cordon was put in place behind a line of cones and detectives could be seen patrolling the business park, which has a gym located on site.
A West Midlands Ambulance Service spokesperson said: "We were called to reports of a shooting on Bridges Business Park, Telford, at 12.05pm today.
"Two ambulances, two paramedic officers and the Midlands Air Ambulance from Cosford with a MERIT trauma doctor and critical care paramedic on board were on scene where one man was found with injuries."
Anyone with information that could help with enquiries should contact West Mercia Police on 101 quoting reference 00239_I of October 13, 2020.
Alternatively, contact Crimestoppers anonymously on 0800555111 or crimestoppers-uk.org