Five men were inside a home at Canley Heights in southwest Sydney on May 19 when they were approached by two men who opened fire.
Police attended the scene after receiving multiple triple zero calls around the same time a number of the men presented themselves at nearby hospitals.
A 28-year-old and a 32-year-old arrived at Liverpool Hospital about 8.30pm with gunshot wounds.
The younger man died a short time later, while the 32-year-old was treated for a neck wound.
About 10 minutes later, two other men - aged 23 and 22 - presented to Fairfield Hospital, both in a serious condition.
The 23-year-old received care for a gunshot wound to the neck and the other was treated for a shoulder injury.
The fifth man, 19, arrived at Liverpool Hospital an hour later with superficial injuries to his arm.
A 23-year-old man was later charged with murder and remains before the courts.
A second man, aged 37, was arrested in Silverwater on Tuesday morning.
He has been charged with murder, possessing or using a prohibited weapon without a permit and participating in a criminal group contributing to criminal activity.
The man was remanded in custody to appear in court later on Tuesday.
Detectives earlier revealed they were investigating whether the victim was linked to a Sydney crime gang.
"We are aware of some organised crime links, although I can't confirm that at this stage," local police commander Craig Middleton said following the shooting.
He confirmed officers from Taskforce Falcon, which was established almost a year earlier to tackle gangland violence, were involved in the investigation, alongside the homicide squad.
"This is a very brazen, violent attack on five people inside their home," Det Supt Middleton said.
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