The incident happened around 12:46 p.m. in the 600 block of Jonette Avenue in Bradley, police officials said.
Bradley police officers responded to a well-being check at the location, where they encountered a male armed with a bladed weapon. The suspect allegedly advanced at the officers and disobeyed their orders for him to stop.
The officers fired shots at the suspect. He was taken to a hospital and was later pronounced dead.
The male suspect's identity and age have not been released.
No officers were injured, Bradley officials said.
Illinois State Police Special Agents are investigating and the case will go to the Kankakee County State's Attorney for review.
No further information was available.