Emergency crews were called to Steeles Avenue and Ressor Road at around 10:22 p.m. for reports of a collision.
Investigators said there were two vehicles, each driving in opposite lanes, that became involved in a head-on collision.
One of the vehicles caught on fire, police said.
Police said one man was pronounced deceased while another was taken to hospital in life-threatening condition.
A third man was transported with non-life threatening injuries, police said.
It is unclear which vehicle the man who died was travelling in.