Police Superintendent Ronal Serpas says two suspects were also shot around 5:45 a.m. Thursday by the officers. One suspect died at the scene and the other was wounded.
Both wounded officers required surgery. A police spokesman said both were in stable condition as of 9:30 a.m.
The condition of the injured suspect was unknown.
The gunfire happened not far from New Orleans' City Park and near Delgado Community College.
Terry Smith, an employee of a nearby fast food restaurant, identified the dead man as a co-worker and said he was being driven to work by his brother. Smith was angry at police, expressing doubt that the young man was involved in a crime.