Chinese pair Haoran Yang (209.6) and Yifei Cao (208.9) proved too strong for the 31-year-old Indian, who had a final score of 187.1.
The 2008 Olympic gold medallist had won his first Asian Games medal earlier in the day by taking third place in the men's team 10m air rifle event along with compatriots Sanjeev Rajput and Ravi Kumar. The Indian team comprising Abhinav Bindra (625.4-47x), Ravi Kumar (618.9-43x) and Sanjeev Rajput (618.7-45x) shot a total of 1,863-135x to claim third position.
Bindra also won a bronze in the men's team 10m air rifle event
The gold went to the Chinese team of Yifel Cao (630.7-54x), Haoran Yang (629.2-54x) and Tianyou Liu (626.5-50x) with an accumulated score of 1,886.4-158x.
South Korea grabbed the silver after the trio of Sangdo Kim (626.1-48x), Hyeonjun Kim (622.3-44x) and Jinseop Han (619.2-44x) shot a total of 1,867.6-136x.
The bronze medal was India's seventh medal in the Incheon Games and fifth from the shooting range.
The 2008 Olympic champion Bindra, who Monday tweeted that Tuesday will be his last day as a professional shooter, also qualified for the final of the individual event with a score of 625.4-47x as he finished fifth in the qualification round.
Ravi (20th) and Rajput (21st) failed to reach the final.