The shooting happened in the 700-block of Laramie Avenue on Wednesday morning.
Police said two offenders broke into a home in South Austin around 6:41 a.m.
As the suspects pulled out guns, a 23-year-old woman in the house also pulled out a gun.
Chicago police said the woman has a valid FOID card.
At some point the three started to shoot at each other when one of the male suspects was shot in the chest.
He was taken to the hospital where he later died.
No other injuries were reported.
Chicago police detectives are conducting a homicide investigation.