A costumed gunman fatally shot a man during an argument in downtown Houston, and the two "persons of interest" remain on the loose.

The shooter – wearing a "yellow and black costume" with a yellow-and-black-striped tail with a hoodie – shot a man twice in the chest around 1:20 a.m. Thursday, police said. 

The other suspect is described as a man with long, black hair wearing a pink or orange T-shirt.

The victim was a 20-year-old man whose name has not been released. He was rushed to the hospital, where he was pronounced dead.

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Costumed gunman in Houston caught on surveillance

A costumed gunman is on the run after shooting someone in Houston. (Houston Police Department)

The victim and his family crossed an intersection where one person in a costume and another with a camera and tripod were set up. 

The two groups "exchanged words," Houston police said during a press conference.

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It appears as though the tripod was pushed or kicked, Commander Chris Hassig said, although there is no audio on the surveillance video to tell what was said or why it escalated.

After the shooting, the suspects went to "several" bars or restaurants in the area, and investigators continue to work leads, Hassig said. 

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In the surveillance footage that police released, they were spotted getting into a white Mazda hatchback with three stickers on the back left window and another sticker on the rear window. 

"We would like to speak to them to get their version of events," Hassig said. 

Chief Troy Finner said this was "an isolated incident" at the intersection of Austin and Lamar streets in a bustling area of the city's downtown, which he stressed is "a safe area."

The victim approached the gunman in a custom and another suspect at a camera tripod

The victim approached two suspects – one at the tripod and another in a black-and-yellow costume, who fatally shot a 20-year-old man, Houston police said. (Houston Police Department)

Suspects seen on surveillance camera driving away in a white Mazda

The suspects drove away in this white Mazda, according to Houston police. (Houston Police Department)

He urged the suspects to turn themselves in and for potential witnesses to come forward with tips.

Police are looking for the actual costume, as well, according to Hassig. 

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The suspects were spotted in T-shirts as they got in the Mazda and drove off. It is unclear what happened to that costume. 

The investigation remains ongoing.