The 19-year-old, identified as Taher Mohammad Zakarneh, was shot early on Monday as the Israeli troops stormed the town of Qabatya, located six kilometers (3.7 miles) south of Jenin, according to the Shahab news agency.
The Wafa news agency, citing the Palestinian Health Ministry, reported that he was shot in the head, the right foot and the left thigh, and suffered burns as well.
Zakarneh was then taken to a hospital in the city of Jenin, where he was pronounced dead hours later.
Another Palestinian was also injured with live bullets and three others detained during the Israeli army raid on Qabatya, according to reports.
Israeli forces continue their near-daily raid-and-arrest operations in various parts of the West Bank, wounding or killing Palestinians. Such raids are carried out while Israeli settlers also conduct acts of violence against Palestinians and their property.
Settler violence is rampant in the occupied Palestinian territories. The acts of violence and vandalism, known as price tag attacks which are committed by Israeli settlers against Palestinians and their property, have risen in recent years.
However, Israeli authorities rarely prosecute Israeli settlers for their assaults on Palestinians and their property and the vast majority of the files are closed due to deliberate police failure to investigate properly.
Many Palestinians have also sustained injuries or lost their lives in incidents due to allegations that they attempted stabbing or car-ramming attacks against Israeli settlers and forces.
As many as 74 Palestinians, including 37 Palestinian children, have been killed so far this year, many as a result of the use of lethal force by the Israeli authorities in a manner described by the UN Human Rights Office in the Occupied Territories as a violation of international human rights law.