The 21-year-old is being treated in hospital following the shooting which happened in a lane in Coatbridge.
Police say the man was targeted in a leafy walkway which runs from Agnew Avenue to Deedes Street, near Coatdyke Train Station at 6.45pm yesterday.
The injured man, who was found in the lane, was rushed to nearby Monklands Hospital.
He is being treated for gun shot wounds to both his legs and is today said to be in a stable condition.
It is not known which type of gun was used.
Police have today launched a detailed investigation to try and trace the culprit who is thought to have got out of a dark coloured car before carrying out the brutal assault.
He is described as being in his early 20’s with short dark hair and was wearing dark clothing.
At the scene this morning, the entrance to the lane was cordoned off.
Officers gathered on quiet residential street Agnew Avenue, before changing into white forensics suits and entering the lane.
Around a dozen could be seen combing the walkway and undergrowth for evidence.
A large Police Support Unit vehicle was also stationed at the cordon.
Last night police carried out door to door enquiries and it is understood these will continue today.
Detective Inspector John Lamb said: “I know this incident will be concerning for many local residents however I want to reassure them that this type of incident is rare and our enquiries so far lead us to believe this was a targeted attack.
“There will still be police activity in the area today with specialist search officers carrying out a detailed search, officers are also carrying out extensive enquiries and studying CCTV footage in an effort to gather further information. If anyone has any information or indeed concerns, please speak to the officers on the ground.
“We will be using significant resources in this investigation and I would like to appeal to people in the area to contact police with any information. Any small piece of detail could prove significant and help us trace those responsible for the crime.”
Area Commander, Chief Inspector Rosie Wright said: “I understand the concerns people will have when they hear about this incident and I have arranged for additional officers to patrol the area. I know people will be shocked but I can assure you we are doing everything we can to locate the suspect and if you have any information, please don’t hesitate to get in touch with us.”
One man who works near the scene of the shooting said: “I heard a man was shot on the knee caps.
The man, who did not want to be named, added: “I can’t believe it.
Police Scotland say the shooting was an “isolated incident” and there is no risk to the public.
They have urged anyone who has information are asked to contact officers on 101.