Police say the woman was in the back seat of a car near John Garland Boulevard and Jamestown Crescent when a vehicle driving in the opposite direction started shooting, striking the pregnant woman.
The three other people with the woman were not hurt and drove her to Etobicoke General Hospital, where she was pronounced dead and the baby was delivered.
Police confirm the woman was 33 or 34 years old and was five months pregnant. The baby was then rushed to a trauma centre, and remains in critical but stable condition, according to Toronto police. Police do not yet have a description of the suspects.