Police tonight admitted they did not know where the gunman was.
The dead man, aged 32, was shot on a property in the settlement of Waikoau, near Tutira on the Napier-Wairoa Rd, 45km northwest of Napier.
The boy was shot in the arm and was this afternoon in a stable condition in Hawke's Bay Hospital.
The name of the dead man, who was a Waikoau resident, has not been released.
Police are not saying if they know the identity of the man or what his relationship with the victims was. "We are still looking into that," a police spokeswoman told NZPA.
Police wanted to talk to any witnesses who may have seen the shooting, she said.
Detective Senior Sergeant Sean Hansen said the offender fled the Waikoau Rd property in his own vehicle before crashing it.
He then held up a couple at gunpoint and stole their vehicle. The couple were unharmed.
Police believed the offender was still in that vehicle, a green Ford Courier ute, registration ZQ7239.
Armed offender squads from Gisborne and Hawkes Bay as well police staff from around the Hawke's Bay were part of the search.
Police had set up road blocks around the area but admitted the man could be anywhere.
"It's important that we hear of any sightings of this vehicle in the area around Tutira and Northern Hawke's Bay area or even as far afield as the Napier-Taupo Rd," Mr Hansen said.
Members of the public were warned not to approach the driver.
It was not known what sort of firearm he had.
A source told NZPA the gunman had had his firearms licensed revoked and had told people he wanted to "go out in a hail of bullets".
However, police were not willing to comment on that.
Today's incident follows May's standoff in Napier, where gunman Jan Molenaar shot dead police officer Len Snee and injured three other men.
