It happened just before 10:00 p.m., on Thursday at Bellmawr Manor, on West Kings Highway in Bellmawr, Camden County.
At least three officers responded and discovered that 37-year-old Michael Wood was barricaded inside a relative's apartment.
Upon entering the apartment, officers found Wood holding a knife.
During the incident one of the officers fired his weapon.
The suspect was taken to Cooper University Hospital where he was pronounced dead.
The officer who shot Wood has been placed on administrative leave.
The incident remains under investigation.