The injured man was shot in the hand and hospitalised, security sources told MENA.
The deceased was also transported to hospital.
Militancy inside Egypt has seen a significant rise since July 2013, with most attacks targeting security forces in North Sinai.
On May 16, gunmen opened fire on a vehicle in North Sinai's al-Arish city, killing three prosecutors and a driver.
The armed forces announced on May 9 that security operations have left a total of 725 suspected militants killed between late October and late April.