The shooting happened Sunday afternoon at the Orchard Village apartments on South Avenue and Orange Street.
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The Fresno County Sheriff's Office says Orange Cove officers arrived to the scene first and found Veloz suffering from multiple gunshot wounds.
Veloz was rushed to a hospital in Reedley, where he died.
The suspect, a 16-year-old boy, ran from the scene but was found and arrested by Fresno County deputies.
Investigators say the teen suspect knew the victim, but a motive for the shooting has not been released.