A third soldier was "slightly injured" by a ricocheting bullet, investigators said.
Fort Bragg officials said the shootings occurred Thursday during a unit safety briefing, The (Raleigh, N.C.) News & Observer reported.
A spokesman for Fort Bragg said the names and ranks of the three soldiers, all members of the 525th Battlefield Surveillance Brigade, wouldn't be released until relatives were notified.
NBC News reported the soldier killed was a battalion commander, citing a Defense Department official.
The wounded shooter was in custody, said Col. Kevin Arata, XVIII Airborne Corps and Fort Bragg spokesman.
"This is a tragedy for our community," Arata said. "We don't yet know the reasons for the shooting, but are working with the unit and the affected families to help them through this extremely difficult period."