Tags:Mr Taseer, a senior member of the ruling Pakistan People's Party (PPP), was shot near a market popular with wealthy Pakistanis.
He was taken to hospital where he died from his injuries.
Police say he was shot by a member of his own security detail as he got out of his car.
The BBC's Aleem Maqbool, in Islamabad, says Mr Taseer was one of Pakistan's most important political figures and his death will further add to political instability in the country.
His death comes as the PPP-led government is dealing with a political crisis that erupted after a coalition partner quit.
