The man has been identified as Darius Pinex, 27.
According to police, Pinex dragged one officer with a car and attempted to run over another.
The Chicago Police Department issued the following preliminary statement on the incident:
"Officers observed a vehicle which matched the description of one used earlier in a shots fired incident. Once the vehicle pulled over, the officers ordered the subjects to exit the vehicle; the passenger opened his door when the driver put the car in reverse, it struck and began to drag one of the officers. The vehicle then struck a light pole. The driver then began moving his vehicle forward in an attempt to strike the other officer, thus placing the officer in fear of his life. The officer discharged his weapon, fatally wounding the driver."
Pinex's mother spoke with ABC7 Chicago early Friday.
"All I know is he's dead. Somebody came and banged on the door and told me the police killed my baby, shot him 15 times," Gloria Pinex said tearfully.
The police officer suffered minor injuries.
One suspect in the car with Pinex was taken into custody.
Officers remained at the scene early Friday continuing their investigation into the shooting.
Chicago police say the matter remains under investigation by the Independent Police Review Authority.