Officers responded to a home on Jonette Avenue earlier this month to check on a man, who they say was armed with a box cutter.
The officer is heard telling 34-year-old Jose Orozco of Bradley to drop what he's holding.
Video moments later shows the man charging toward officers.
ABC7 Chicago froze the video before the fatal shot.
No officers were injured, Bradley officials said.
The Kankakee County State's Attorney will decide if any charges will be filed in the case.