According to initial reports, shots were fired at a group of United National Party (UNP) supporters who were engaged in election campaigning.
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Police spokesman ASP Ruwan Gunasekera said that one woman was killed in the shooting incident and at least 12 others were injured and rushed to hospital.
Sri Lanka elections have been marked with increased number of violent incidents since late 1990s.
The campaigning so far has been largely peaceful although the police said that over 200 people had been arrested since July 13 for breaching of election laws.
Police said no fewer than three of those injured were in a critical condition.
Finance Minister Ravi Karunanayake told Reuters four men sprayed bullets from a vehicle driving past the outdoor rally in Colombo attended by about 600 people.
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It has also been reported that 500 individuals were present when the incident took place.
