It happened around 4:30 p.m. near Madison and Parkside Avenue.
According to police, the officers were responding to a report of shots fired and approached a vehicle matching a witness's description.
Police say a man fleeing the vehicle pointed a gun and then fired shot in the direction of officers, who then shot him.
The man was pronounced dead at the hospital. He has been identified as Lynell Hawkins, 32.
Police say a weapon was recovered.
The Independent Police Review Authority is investigating the incident.