Peirce was shot dead in a car parked opposite the Coles supermarket in Bay St, Port Melbourne on May 1, 2002.
Victor Peirce's funeral was held on May 9, 2002, at the Saint Peter and Paul's Parish Church in South Melbourne. Father Bob Maguire conducted the service. Peirce was later buried at the Altona Memorial Park. Present was Jason Moran, former running mate of slain gangster Alphonse Gangitano. Moran was a suspect in the murder of Alphonse Gangitano, who was shot dead in his Templestowe home on January 16 1998.
On June 22, 2007, Victoria Police arrested Faruk Orman in the western suburb of Sunshine in connection with Peirce's murder.
In September, 2007, Vince Benvenuto- son of Frank Benvenuto, an underworld identity reputedly under the protection of Victor Peirce, murdered May 2000, was arrested for drug trafficking. The Age reported that when asked whether he was arrested as a result of the Purana investigation police replied: "He's a suspect in relation to the murder of Victor Peirce. But it was Hitman Andrew 'Benji" Veniamin who shot dead Pierce, Benji Claimed "If I don't get Victor he'll get me first". The man who drove Benji to the Hit on the gangland figure was Found guilty in 2009. Veniamin was later killed in 2004 by Domenic "Mick" Gatto. Gatto claims it was self defence.