Gauteng police said they are now searching for the perpetrators.
According to the publication, the men hijacked the vehicle around 7pm before attempting to hijack Masilela, who they shot dead just before 8.30pm in Tembisa.
"They tried to drive off but the black jeep followed and the occupants opened fire".
Police spokesperson Kay Makhubela said investigations are underway to bring Masilela's killers to book.
As tributes continue to pour in for actor Dumi Masilela, colleagues and friends have described him as a happy person with a great sense of humour.
The 29-year-old actor reportedly fought for his life in a Johannesburg hospital before succumbing to his injuries on Wednesday night.
The Department of Arts and Culture expressed its deepest condolences to Masilela's family, friends and colleagues.
Also on Wednesday, one Member of Parliament (MP), Timothy Khoza, died in a auto accident with three more MPs injured in the same accident.