Two men have been arrested over the alleged murder of a major Sydney crime figure who was shot dead while sitting in his car near a busy shopping precinct.

The victim, who died at the scene near Bondi Junction in June, has since been identified as 48-year-old Alen Moradian, a notorious Sydney underworld drug lord with links to the Comanchero bikie gang.

Shortly after the shooting, police found a burnt-out Porsche nearby and later a burnt-out Holden Commodore in Zetland.

Early on Wednesday morning detectives executed a search warrant in Yowie Bay in Sydney’s south and arrested a 42-year-old man.

He was taken to Sutherland Police Station, where he is expected to be charged with murder and other offences relating to the fatal shooting.

At the same time in the south-west suburb of Moorebank, detectives arrested a 31-year-old man. He was taken to Liverpool Police Station and is expected to be charged with murder.

– AAP