The incident occurred just after 10:30 p.m. at the intersection of 56th and Lebanon Avenue.
Authorities say police were on routine patrol when they were alerted to a report of burglaries in the area.
Officers spotted a suspicious person exiting an alleyway who refused to stop when told by police.
The suspect then brought out a weapon and began firing, officials say.
Police then returned the fire, striking the suspect several times in the upper torso.
The suspect's name has not been released but police say he is a 32-year-old male who was pronounced dead a short time later.
There were no injuries to the police.