CCTV shows the thief sprinting across a shopping centre car park pursued by another man who catches up with him as he leaps into the reversing motor.
The victim aims towards the suspect, who collapses to the tarmac as his accomplices speed away in a silver Toyota Corolla with the rear door open.
Footage shows how the man then calmly picks up a brown leather bag from beside the lifeless crook and walks away.
The thief struck as the victim, 58, left his car to deposit money at a cash machine at the Cycad Shopping Centre in Polokwane, South Africa, according to local reports.
Another video of the aftermath shows the bag owner with police and paramedics beside the thief's corpse under a sheet.
The victim tells cops: "These people, all the time they steal from us."
A woman bystander adds: "And his friends ran away from him. They left him."
Limpopo police spokesman Moatshe Ngoepe said the alleged shooter noticed the suspect approaching his vehicle as he walked towards the shopping centre.
Colonel Ngoepe said: "He then saw the suspect running away with his bag towards the getaway car, which had four people inside, and he chased him on foot.
"He told the suspect to stop, but he continued running and then he fired some shots. The suspect died instantly."
Cops are hunting the four other suspects and the getaway car.
In April Katie Price and two of her kids were carjacked while filming in South Africa.
Last year we told how a suspected robber was burned to death as vigilante villagers made him wear a necklace of flaming tyres near Bloemfontein.
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