Dolton police heard several gunshots about 12:05 a.m. Monday at 1320 E. Sibley Blvd.
Officers also saw someone ducking for cover.
Someone else was seen riding away from the scene on a bike, police said.
They followed the biker, who dropped the bike and ran, according to police.
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At one point, the person pointed a weapon in the direction of the officers, and a Dolton police officer shot at the suspect.
The suspect and officer were taken to hospitals as a pre-cautionary measure. Both were treated and released.
No one was injured, police said.
A Dolton spokesperson initially said someone had been shot.
A weapon was recovered at the scene, according to police.
Charges are pending, as the investigation continues.