The latest incident happened around 9:00 p.m. when police were called to the intersection of Devon Street and East Locust Avenue in the city's Germantown section for multiple reports of a man with a gun.
As officers arrived on the scene, the gunman fled on foot and they gave chase.
At one point in the pursuit the gunman allegedly turned around and pointed his gun at police, prompting one of the officers to open fire.
The suspect was pronounced dead at the scene.
This incident followed another fatal police involved shooting hours earlier in West Philadelphia.
Police were called around 6:30 p.m. to Frazier Street and Wyalusing Avenue for the report of two men with guns.
Upon arrival, officers noticed the two men both holding handguns.
"As soon as they see officers pull up in a marked car, they both flee on foot," Philadelphia Police Chief Inspector Scott Small said.
The officers then gave chase.
Small says one of the males fled onto the 5600 block of Wyalusing where he ran into a moving vehicle.
As police moved in to arrest the man, Small says he pointed his gun at the officers.
The officers discharged their weapons, striking the suspect one time in the chest.
The suspect was rushed to the Hospital of the University of Pennsylvania where he was pronounced dead.
"Fortunately, there were no injuries to police. Right across the street you have a playground on the 5600 block of Wyalusing. It's an unseasonably, beautiful warm day, luckily no one was hurt. The only one who was struck by gunfire was that suspect," Small said.
The man's handgun was recovered at the scene.
Police investigation led to the arrest of another man they believe is the second suspect who fled the scene.
Police have not yet released the identity of either of the deceased suspects.