Miss Asia was not taken and was recovered by police at the scene.
The dog was then taken to LAPD’s Hollywood headquarters. One of Gaga’s bodyguards collected it from the station later last night.
TMZ is also reporting the star — whose real name is Stefani Joanne Angelina Germanotta — is offering $500,000 for the return of her dogs "no questions asked." She is said to be “distraught” following the attack.
It is thought Fischer was shot outside of his home on Sierra Bonita Avenue.
Video footage from the scene on ABC shows the dog walker, 30, lying on the side of the pavement while holding on to what appears to be Miss Asia.
Police seemingly find the dog walker conscious and responsive but reportedly barely breathing.
He was taken to hospital in a “grave” condition, according to officials.
Fischer had been caring for the three dogs while Gaga is away working in Italy.
Police described the suspects in the shooting as two black males, who were wearing baseball caps.
It is not yet clear whether they knew the dogs belonged to Lady Gaga.
The LAPD confirmed the shooting and said two dogs were stolen.
Investigators are also not yet ruling out gang violence or homelessness, the spokesperson told dailymail.com
French Bulldogs - or Frenchies - cost upwards of £2,000, with rare colourings or pedigree breeds costing at least double.
Lady Gaga’s representative has been contacted for comment.