A man found submerged in a large pond has been arrested over a fatal shooting south of Brisbane overnight.

A 35-year-old man was allegedly shot in the chest at Hugh Muntz Park in Beenleigh about 10.40pm on Tuesday.

Police then tracked a stolen vehicle from the scene of the shooting to a park, where they allege the second man was found hiding in the pond after discarding a firearm nearby.

The first man was found near Morrison Lane, and treated by officers and paramedics in the park, where he died a short time later.

Police allege a stolen white Kia Stonic sedan, with stolen registration plates, left the scene a short time after the shooting.

Officers saw the car at Kumbari Avenue in Labrador on the Gold Coast and rolled out a tyre deflation device on Jabiru Island.

After its tyres were deflated the car continued on for a short distance, before the driver abandoned it at the intersection of Hope Island Road and Helensvale Road and ran away into nearby scrub.

Dog squad officers swept the area and arrested a 22-year-old man just after 2am. He was allegedly found hiding underwater, among the reeds, of a large pond in Saltwater Park.

Ammunition was then allegedly found by police while searching the man.

A firearm was found on a bush track metres away from where the man was allegedly hiding. Police allege he had discarded it there.

Investigators believe the two men arrived separately at the park. That area is now a crime scene, and the area near the abandoned vehicle has been cordoned off by police as well.

“We’re trying to establish whether they were known to each other,” Acting Superintendent Paul Fletcher said.

“We’ve established that none of the people involved actually reside at that park area.”

The vehicle is believed to have been stolen multiple days ago, though police were yet to confirm the exact details.

Anyone who was in the area between 10pm and 11pm is urged to contact police.

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