The man, who was in his 50s, was approached by three masked men while out walking close to Castlemara Stores in the Co Antrim town at around 7.30pm on Friday.
He was subsequently shot in the leg and was taken to hospital for treatment for a single gunshot wound to his calf.
It is believed the three men made off on foot but it is not known in which direction they ran.
Ulster Unionist MLA for East Antrim, Roy Beggs has condemned the attack.
He said: “This was a despicable attack which I utterly condemn. Shooting a man in the leg is a violent crime.
“It creates a victim and can result in long term scars, a disability or worse. Further demands are added to our already heavily pressed NHS Ambulance Service, Emergency Departments and the local police.
“It is deeply regrettable that a gun has been brought onto our streets and the police will have been diverted from their normal duties to investigate this serious incident.
“I would appeal to the local community to help the police, who will need information to address this crime which is inhibiting the local community.”
Detectives are appealing for anyone who witnessed the shooting or anyone with any information relating to it to contact them in Larne on the non-emergency number 101.
Information can also be passed anonymously via the independent charity Crimestoppers on 0800 555 111.
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