A second man was shot in the stomach and managed to take a taxi to hospital where his wounds were treated.
His condition was described as "stable" by staff at the Leicester Royal Infirmary.
Police launched a murder investigation and the Eden club in Halford Street, Leicester where the shootings took place was sealed off.
No further details of the dead or injured man have yet been released by police.
A spokeswoman for Leicestershire police said: "Last night a 27 and 22- year-old man were arrested on suspicion of murder. They are currently in custody and are being interviewed."
Detective Superintendent Mick Creedon, of Leicestershire CID, who is leading the investigation, said: "It is vital that we identify and trace every person who was in the Eden club and might have vital information. This is a very serious incident and we are urging anyone who was in the club to make contact with police as soon as possible."
It is thought there were around 100 people seeing in Christmas at the club at the time of the shooting.Reuse content