Thursday afternoon, police identified the man as 25-year-old Brian Howard, an Elgin resident who had been living with family in the north suburb.
There was a heavy police presence in a residential part of north suburban Buffalo Grove early Thursday morning after the incident.
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A resident who lives near Radcliffe Road and Boxwood Lane said he heard gunfire, about five to six gunshots, just after 12:30 a.m. He called 911, went outside to investigate and found a crime scene.
"I heard a few pops and couldn't discern whether they were fireworks or gunshots, but they did cause me some concern," Robert Foulks said. "Subsequently, after a brief pause I heard several more, somewhere in the neighborhood of four, five or six."
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Buffalo Grove Police Chief Steven Casstevens said a man from Buffalo Grove in his 20s with two handguns had called 911.
"The caller further stated, 'the dude just popped off two rounds.' He also stated to the dispatcher that 'this guy is dangerous.' When asked by the dispatcher who the gunman was, the caller stated, 'well that would be me,'" Casstevens said.
The dispatcher asked him seven times to drop the weapons.
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When officers arrived, they saw him firing the guns while walking toward them in a vacant church parking lot.
Chief Casstevens said officers repeatedly told the man to drop the guns and that the man advanced toward the officers. The man then fired from both of his guns and continued to advance on the officers, the chief said.
WATCH: Buffalo Grove police give update after officers fatally shoot man
Buffalo Grove police give update after officers fatally shoot man
It was unclear if the man fired in the air or in the direction of the officers. As the man continued to advance on the officers, Casstevens said the two officers had no choice and fired at him, with one officer hitting the man.
The man died on the scene despite the officers' attempts at first aid, police said.
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No one else was injured in the incident, but the two officers involved were taken to a local hospital for observation. They were later released.
Casstevens added that he believes this is the first time an officer in the department has been involved in a police shooting.
WATCH: Buffalo Grove police give latest information on officer shooting
Buffalo Grove police give latest information on officer shooting
Audio and video of the incident were captured and will be released at the end of the investigation, police said.
Two handguns and shell casings were recovered from the scene.
The Lake County Major Crimes Task Force will be conducting the investigation of the incident.
If you feel suicidal or you're worried about someone you know, you can call the National Suicide Prevention Lifeline at 1-800-273-8255. You can also text the Crisis Text Line by messaging TALK to 741741. For more information, visit suicidepreventionlifeline.org.