The incident occurred on Friday evening at Oke Agunla in Ondo town.
Another youth, Seun Akinsiku aka Shewen, was also reportedly killed.
Sources said the clothes the suspected cultists wore had inscriptions of DSS on them.
An eyewitness said: “As Shewen came out of the house, the people shot him. As they were leaving, they also killed an officer of Amotekun.”
Ondo Police spokesman, ASP Tee-Leo Ikoro, who confirmed the killing said investigation has commenced into the matter.
They said massive manhunt had begun for cultists in Ondo town.