On 17 December 1980 at 9:45am local time, Arıyak was assassinated by two unknown men in Portland Street, Dover Heights, while he was about to leave his home for his office. Arıyak and his bodyguard, Engin Sever, were leaving the residence in separate vehicles when they were attacked by two men on a motorcycle, who were wearing motorcycle helmets. One kept the engine running as the other shot at close range Sever, and then Arıyak. Arıyak died on the scene and Sever died soon after at a hospital. A secret organization, the Justice Commandos of the Armenian genocide, claimed responsibility for the assassination via telephone messages. Arıyak was survived by his wife and his 8-year-old daughter, who both were the witnesses to the assassination. The killers were not apprehended.