The altercation happened around 11:34 p.m. in the 3000-block of South Fort Dearborn Drive, police said.
A 26-year-old woman was arguing with a 17-year-old girl, Chicago police said. During the altercation, the teen allegedly stabbed the woman in the arm. The woman, who has a valid CCL and FOID card, then shot the woman in the shoulder, police said.
Editor's note: Chicago police initially said the teen was stabbed and the woman was shot. Police later clarified that the woman was stabbed and the teen was shot.
Both the victim and the teen girl were taken to hospitals and were expected to be okay.
The girl was released from the hospital and was taken into custody, police said. No charges have yet been filed.
CPD Area One detectives continue to investigate.
The shooting and stabbing happened after police planned to crackdown on crime near 31st Street Beach after four people were shot and killed there earlier this month.
READ MORE | Community members pray for peace after two deadly shootings near 31st Street Beach just days apart
A coalition of faith leaders, local business owners, community members, alderpersons and patrons of Pier 31 gathered at the beachside bar and hangout in a show of solidarity on Saturday night.