Sydney drug lord ambushed and shot dead

He has not been formally identified but media reports named him as Moradian, a notorious Sydney underworld drug lord with links to the Comanchero bikie gang.

Roads surrounding the scene were closed, with people told to stay away.

"Police believe a burnt-out Porsche located on James Street, Bondi Junction, about the same time is linked to the shooting," NSW Police said in a statement.

Detectives are also investigating whether a second torched car - a Holden Commodore found on Cook Lane, Zetland - is linked to the shooting.

Three crime scenes have been established. (AAP Newswire)