The incident occurred at about 10:20 p.m. in the 8700-block of South Dauphin Avenue.
Police said a suspect was trying to break into a vehicle when a 40-year-old man who is a concealed carry license holder confronted the suspect.
The break-in suspect fled on foot and another suspect got out of a nearby car and fired at the 40-year-old man, who returned fire, police said.
The first suspect returned to the vehicle and fled the scene, police said.
A 23-year-oid man who was nearby the scene at the time was wounded in the thigh and transported to the University of Chicago Medical Center in serious condition, police said.
No one is in custody and Area Two detectives are investigating.