Officers were called to reports of a shooting on Central Road at the junction with Abbotsbury Road in Morden at 2.03pm on Tuesday.
They found a man at the scene with gunshot injuries.
He has been taken to hospital and is in a “serious condition”.
Police have informed the man’s next of kin.
The Met said two people have been arrested in connection with the shooting.
A crime scene also remains in place.
This is the latest violent incident in London following a spate of shootings and stabbings over recent days.
Last week, a father-of-two died after being stabbed during a high street brawl in North London on Thursday night.
The 29-year-old victim, named locally as Raza Gulzar, was taken to hospital in a critical condition, but unfortunately died late on Saturday night.
Ten men aged 27 to 55 have been arrested in connection with the stabbing.
All were later released either on bail or under investigation.
Detective Inspector Jonathan Newell, of the Met’s Specialist Crime Command, said: “We have made a substantial number of arrests but there is still much more work to do. The public can help us.
“I believe there was at least one person who filmed this incident on their mobile phone.
“I need those people to contact us.”
Sadiq Khan has said Londoners will see a greater police presence on the streets in an attempt to fight violent crime.
The Met has warned knife and gun violence could lead to the highest number of murders among young people since 2008, when 28 young people were killed.
Mayor of London Mr Khan told LBC Radio on Friday: “Across this summer, Londoners will see a greater police presence across our city – particularly in areas where there’s been a history of violent crime.
“You’ll be seeing surge activity in those areas and at the same time, the good news is we’re going to be giving young people even more constructive things to do to keep them busy during the summer.
“Sports education, culture during the daytime, events during the weekend, funding youth workers to work with young people, because there’s no point us complaining when idle hands get up to no good.
“We’re going to have to give idle hands constructive things to do.”
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