The incident unfolded shortly after 10:30 p.m. at the intersection of 54th and Arlington streets, where officers had responded to reports of a vehicle that had been struck by gunfire.
Police Commissioner Kevin Bethel said officers encountered a 57-year-old man at the scene who became involved in an altercation with them.
That man was identified as Eric Franks.
During the confrontation, police say officers were attempting to explain to Franks about establishing a crime scene in the area.
"And at that point, Franks becomes increasingly agitated," the department said in a statement Sunday.
Police say Franks shoves a sergeant with both hands. Soon after, two officers attempt to detain Franks. As officers attempted to take him into custody, the situation escalated rapidly, according to police.
"According to preliminary information from witness statements, surveillance footage, and body-worn camera footage reviewed thus far, Franks produced a firearm during the encounter. Officers repeatedly issued commands for Franks not to draw the weapon. Franks then discharged the firearm directly toward the police officers," the statement continued.
Three officers were struck during the shooting. Authorities said one officer was shot in the face, another in the hip and a third in the leg. All three were taken to a hospital and were stable as of Sunday morning.
The wounded officers include a 39-year-old male sergeant with eight years on the force, a 30-year-old male officer with seven years, and a 43-year-old male officer with one year on the force, police said.
A fourth uninjured officer, identified as a 21-year-old man, and the three injured officers all returned fire.
Franks was shot in the chest and leg. He was taken to an area hospital, where he was pronounced dead.
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Surveillance video from city street cameras shows Franks confronting several officers. The footage appears to show the suspect getting in the officers' faces and shoving one officer before being pushed away from the group and into the street.
Investigators recovered nearly 50 pieces of ballistic evidence from the scene, along with a 9mm handgun that Franks was licensed to carry, police said.
Loved ones say Franks owns two businesses near the scene.
Family friends said Sunday that they have many questions, and that this is uncharacteristic behavior from Franks, who is a retired firefighter of 19 years and a Marine veteran.
"We're just shocked that has happened to him," said Jesse Keller of Overbrook. "The cameras do speak for itself, but I can't judge. I'm just shocked about the whole thing."
Bethel said preliminary information indicates Franks was not connected to the original shooting that officers had been investigating.
"Three officers, because of their training, because of their understanding of the situation - totally caught up by a surprise that the man was armed - were able to return fire and protect themselves, and they will survive," Bethel said outside the hospital.
He added that the officers were "in great spirits" despite the circumstances.
"We are fortunate today," Bethel said. "We come to this hospital too many times."
The shooting remains under investigation.