Former village head and local BJP leader Shiv Kumar Yadav and his driver were killed by unidentified assailants in the Bisrakh area when they were going to Ghaziabad in a car, the police said.
Superintendent of Police Arun Kumar Singh said that Mr Yadav's family members and locals staged a protest at the Noida Sector 71 crossing.
"They demanded a CBI probe into the incident and immediate arrests. The Noida Police Special Task Force has been deployed to crack the case and arrest the killers," he said, adding that it is suspected that four people were involved in the crime.
Police personnel have deployed at the Mr Yadav's village, Behlolpur, to thwart any untoward incident and maintain law and order, the officer said.
The police officer said that the woman, who was injured after Yadav's car rammed into a vehicle, succumbed to injuries at a hospital.
Senior Superintendent of Police Love Kumar said several teams had been formed to trace the assailants and that it appeared that shooters were hired to kill Mr Yadav, whose father and brother were murdered 25 years ago.