The incident happened around 3:30 p.m. Saturday and police say it was armed confrontation between the man and officers.
The 30-year-old man was transported to Mount Sinai Hospital in critical condition and later died after being shot Saturday afternoon, according to police.
The exact circumstances that lead up to the exchange of gunfire are not clear. Police say they stopped a man who was on foot, weapons were pulled nearly immediately- engaging officers in not one, but two separate confrontations within a matter of minutes.
Investigators have not identified him yet, but said he was "known to police."
"He was discovered to be armed and that is when that first confrontation did occur," said CPD Sgt. Michael Malinowski.
Tenth District officers made what is called a foot stop of the man on Saturday afternoon. He was immediately discovered to be armed and there was an exchange of gunfire. It's not clear whether the suspect was injured during that first exchange, but he was, initially according to investigators, able to flee.
"The offender flees on foot. Assisting officers discover the offender, a second armed confrontation ensues," said Malinowski.
WATCH: Chicago police give update on officer-involved shooting
The Civilian Office of Police Accountability, which is in charge of investigating police-involved shootings, says the offender was shot multiple times. They believe two officers discharged their weapons. One in the initial confrontation and another in the second one. Police say the offender's weapon was recovered from the scene.
The officers involved in the shooting will be placed on administrative duties for the required 30-day cooling off period.
None of the officers involved in the two confrontations were injured. However, one of the responding officers was taken to the hospital with chest pains, but it was not directly related to the exchange of gunfire.