The incident happened just after midnight on the 400 block of East Wyoming Avenue.
Officers arrived on the scene to find a man stabbing another man.
The suspect was told to stop but didn't. He then approached the police with the knife and one officer opened fire.
The suspect was shot in the torso and pronounced dead at the scene.
The man the suspect had stabbed was taken to the hospital with multiple wounds. He is listed in critical condition.
According to officials, the two men had been arguing at a nearby bar.