Kahbir Oglesby-Hicks, 21, is being charged with evading arrest and several weapons offenses in connection with the shooting.
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Four other suspects are also in custody, including two 15-year-old boys, a 16-year-old girl and a 16-year-old boy. The teens are facing charges of recklessly endangering another person and weapons offenses, according to police.
Gunfire exploded around 2:30 p.m. near Clara Muhammad Square in the area of 47th Street and Wyalusing Avenue in West Philadelphia as an estimated 1,000 people were at the celebration that marks the end of the Muslim holy month of Ramadan.
Philadelphia Police Commissioner Kevin Bethel said two groups inside the park exchanged gunfire, and some 30 shots were fired.
READ MORE: 3 shot as 2 rival groups exchange gunfire at Eid al-Fitr event in Philly, marking end of Ramadan
Police say that gunfire struck two people, including a 15-year-old boy and 22-year-old Nhashon "Tawfiq" Richards. Both victims are listed as stable at an area hospital.
Amid the gunfire, one of the officers shot an armed 15-year-old suspect in his shoulder and leg. He was taken to the hospital in stable condition.
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Chopper 6 overhead after gunfire erupts at Eid al-Fitr event
Sources tell Action News that the teen was armed with a rifle, however, it's still unknown if the weapon was fired.
Video that's under investigation by police shows people running for their lives as the shooting broke out.
"I opened the door and this woman with two babies was crying saying, 'Please ma'am, can I come in?' And I said, 'Sure,'" recalled Vernice Sloan. "All the girls that had babies, I let them in."
Sloan's 15-year-old granddaughter, Aniyah, was among the 1,000 or so revelers running for cover.
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"I was scared at first though I ran and twisted my ankle," said Aniyah Sloan.
A total of five weapons were recovered at the scene.
The discharging officer has been placed on administrative duty pending the outcome of the investigation.
The shooting incident is under investigation. Local law enforcement are collaborating with federal partners, including the Bureau of Alcohol, Tobacco, Firearms and Explosives and the FBI.