Corporal James O'Connor IV, 46, was gunned down while serving a warrant in the city's Frankford section on Friday morning.
The shooting happened around 5:51 a.m. as officers were serving a homicide warrant in the 1600 block of Bridge Street.
The suspect was being sought for a homicide that occurred in 2019, Philadelphia Police Commissioner Danielle Outlaw said. The suspect was identified as 22-year-old Hassan Elliott.
Officers entered the property and were met with gunfire from a closed door on the second floor.
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O'Connor was hit near the left shoulder blade, Outlaw said.
Another SWAT officer returned fire, striking two males in the lower extremities.
O'Connor was transported to Temple University Hospital and was pronounced dead at 6:09 a.m.
The two people who were shot by police were transported to Einstein Medical Center and Jefferson Hospital in stable condition.
Elliott, the subject of the homicide warrant, was not shot and was taken into custody, Outlaw said.
Khalif Sears, 18, who was wanted for the same murder, happened to be at the home as well.
"Both Sears and Elliott had outstanding arrests warrants for the murder of Tyree Tyrone, 30 years old," said Capt. Jason Smith of the Homicide Unit.
Sears was among those hit by police gunfire.
Both Elliott and Sears will also be charged with O'Connor's killing.
O'Connor was married with two grown children. O'Connor's son is also a Philadelphia police officer, serving in the 9th District. His daughter is an active duty Air Force member.