Thomas Ossel, 28, from Bedfordshire, was fatally shot in the jaw while his 21-year-old brother Jack was wounded, but survived.
Jacqueline Baxter, a friend of the family, said: "At the moment their father has travelled to Venezuela and obviously their mum is not able to make a statement.
"The younger son is still out there, so he is still at considerable risk."
A Venezuelan police official, Luis Garavin, told radio station Union Radio that the brothers had left Margarita Island to return home.
He said officers believe that gunmen were trying to rob the pair, and opened fire when they resisted.
The Foreign and Commonwealth Office confirmed the death of Mr Ossel.
A spokesman said: "We can confirm the death of a British National on Margarita Island in Venezuela on July 18.
"We are providing consular assistance for the family."
It was reported that the brothers were staying in a hotel called Posada Casa Rosa. Read More