It happened on the 2300 block of Oxford Street in North Philadelphia.
Around 9:45 Thursday night, 22nd district officers on patrol reported hearing gunshots.
As they rushed toward 24th Street, police say they saw a man with a gun in his hands.
"This man was running right towards police. The police exited their vehicle, told male to stop, told male to drop the weapon several times. The male refused and pointed the gun at both of the officers," said Chief Inspector Scott Small.
That's when the officers opened fire.
The suspect, a 21-year-old man, collapsed and police say he dropped a semi-automatic handgun. Investigators say the gun was loaded with a magazine and hammered in the cocked position.
However one witness, who says he was standing on a nearby street corner, tells a very different account.
"They said the guy shot, he didn't, There was some shooting that went on. He was running with his hands in the air saying, 'Please don't shoot me.' His little brother said, 'He didn't have anything to do with it, don't shoot him," said Naim Ferguson.
The suspect was wounded and taken to Hahnemann Hospital in stable condition.
Police Commissioner Charles Ramsey said investigators are looking for surveillance footage. He added while preliminary information from officer's points to the shooting being justified, it's important to investigate all claims.
"It's violent out there, all the insanity that goes on with shootings, homicides, things of that nature. It doesn't mean the every shooting should not be thoroughly investigated and we make sure that officers were justified with use of force," said Commissioner Ramsey.
Meanwhile this incident comes a day after two fatal police involved shootings, one in Germantown and one in West Philadelphia.