A liberal politician and a co-chair of the RPR-Parnas political party, Nemtsov was one of the leaders of the Solidarnost movement and an outspoken critic of Russian President Vladimir Putin.
The Interfax news agency cited a law enforcement source as saying Nemtsov was shot four times by an unidentified assailant late Friday and died of his injuries.
A member of his RPR-Parnas party, Ilya Yashin, confirmed Nemtsov's death.
"Unfortunately I can see the corpse of Boris Nemtsov in front of me now," Yashin was quoted as saying by Russia's lenta.ru news website. "At the Bolshoy Zamoskvoretsky Bridge. I see the body and lots of police around it."
The 55-year-old opposition politician was a former deputy prime minister in the Russian government under President Boris Yeltsin and at one point was considered a likely presidential candidate.
After Vladimir Putin became the country's president, Nemtsov actively criticised the administration and its policies.
Moscow police are engaged in an active search for the shooter or shooters, who have not been identified."
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