Officers said the suspect tried to grab an officer's gun, then another officer opened fire, hitting the suspect around 1:20 a.m. in the Austin community on the city's West Side.
Other suspects who were in the van fled from the scene on foot in the 5200-block of West Kamerling.
The man shot by police died at Mount Sinai Hospital of a single gunshot wound.
Two officers were transported to a local hospital with non-life-threatening injuries and were expected to be treated and released.
