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Free State police suspect that the killing of businessman Nazrel Islam, 28, on Sunday night was related to the attack on foreigners by locals.
Islam was shot dead inside his shop in poverty-stricken Rammolutsi township, Viljoenskroon.
Captain Modiehi Motitimi said police were investigating whether the attack was xenophobic or an "ordinary" armed robbery.
Motitimi said such attacks date back to 2005.
"There have been many robberies of Bangladeshi businesses in the township but this one is serious because a life was lost."
In February Another businessman was also attacked and robbed of R2500 at gunpoint in his store.
Police said 146 residents were arrested in 2005 after they went on the rampage, looting shops owned by foreigners in Rammolutsi.
The police said the residents wanted foreigners to leave the township.