Police said the shots were fired by a suspect wanted in an aggravated assault five days ago, police said.
The suspect opened fire as officers approached him in the 5000-block of S. Martin Luther King Drive at approximately 6:29 p.m., according to police.
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One officer was hit by a bullet that ricocheted and struck him in the right knee. He was taken to University of Chicago Hospital in good condition, police said.
Video shared by an ABC 7 viewer appeared to show the officer limping to an ambulance.
No shots were fired by police during the encounter, police said.
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Police and SWAT went door-to-door in a large apartment building searching for the suspect.
Police confirmed two men are in custody in connection with the incident.