Shane Gilmer, aged 30, died in what reports suggest was a crossbow attack, while his pregnant girlfriend is thought to have been seriously injured.
The incident near Driffield has led to officers putting the village in East Yorkshire on 'lockdown' while officers search for Anthony Lawrence, aged 56, who Humberside Police say they need to speak to in connection with their investigation.
A spokesman for the force said: "We are able to confirm that the victim killed in the incident last night was 30 year old Shane Gilmer. We are supporting Mr Gilmer's family during this difficult and sad time. The investigation to find the person responsible is ongoing'.
Police are using sniffer dogs, helicopters and armed police teams to scour the village of Southburn near Driffield.
Officers had been called to a house last night after reports of a "nasty" attack against a man and a woman, confirming today that Mr Gilmer has since died.
The entire village has been cordoned off as police investigate, with officers stating that a vehicle has now been found.
Neighbours have now spoken of their horror at hearing of the tragedy in this normally peaceful village. "I've never known a quieter village for something like this to happen in," said Chris King, 25.
"We're still on lockdown here in the village tonight and there are a lot of police, and armed police on foot.
"You have a lot of fields and hiding places in and around the village so the police are going to have a tough time finding him.
"I can see that the police have now gone into the woods and they are searching there."
East Riding councillor for the Southburn area, Coun Felicity Temple said: "It is a terrible shame and I am very sorry it has happened.
"Obviously, my deep heart-felt sympathies go out to the family of those involved."
In a direct plea issued to Mr Lawrence earlier today, Chief Inspector Andy Parsons called on him to come forward. “Anthony, it’s vital that we speak to you about this incident as soon as possible and I would urge you to go straight to your nearest police station so that we can do this," he said.
“Avoiding speaking to us could only make matters worse for you in the long run.”
Police have released an image of Anthony Lawrence who they are trying to trace in connection with the incident.
Police say the victims' family is being supported by specialist officers. The woman’s injuries are not believed to be life threatening. And while police have said this is believed to be an isolated incident, they have warned members of the public not to approach Mr Lawrence.