Authorities said the first shots were fired just after 1am local time on Central Boulevard and Orange Ave, and that a second round of gunfire was reported nearby minutes later.
Footage shows the crowd scattered within seconds of the shooting, with terrified onlookers fleeing or diving for cover behind two police cars already stationed at the end of the street.
A 26-year-old woman was injured as she was trampled in the chaos. Between 50,000 and 100,000 people had turned out for Halloween celebrations in Orlando, authorities believe.
Footage from a different CCTV camera shows the gunman running in the direction of the police cars, slipping to the ground as the crowd surged around him.
When he got to his feet, he was brought down for a second time by a police officer.
“Get on the ground. Get on the ground right now,” the officer shouts, in footage taken from his body camera.
“Not me, not me” the suspect responds, before he is thrown heavily to the ground and handcuffed.
“I saw him shoot,” the officer shouts as more police swarmed the suspect.
The individual was then pressed up against the police cars as officers searched him for the gun allegedly used in the shooting.
Police said the suspect was arrested and taken into custody. He had previously been arrested for grand theft in 2023, according to NBC News.
The two individuals killed in the shooting were described by authorities as a 25-year-old black male and a 19-year-old white male. Six other people suffered gunshot wounds, in addition to the woman who was trampled.
Police are yet to establish a motive.
The wounded were taken to Orlando Medical Centre for treatment, and are said to be in a stable condition.
Eric Smith, the Orlando police chief, told reporters that 100 police officers were patrolling the area and managed to tackle the shooter soon after the shots were fired.
