Police said it happened at around 7:15 a.m. at the intersection of South 51st and Kershaw streets.
Sources said at least 4 shots were fired and that the victim's gun and magazine were found on the sidewalk.
Police say the victim was struck by gunfire in the chest.
The victim was taken to the hospital in stable condition.
Police say the victim has a permit to carry and did return fire.
The suspects got away in a stolen blue Volvo sedan.