Police said Jerome Halsey, 27, of Chicago fired shots at officers during a traffic stop in the 6900-block of South Sangamon Street at about 2:03 p.m.
Officers returned fire and both Officer Erik Moreno and Halsey were wounded, police said.
The officer was transported to a hospital in serious but stable condition.
More than 100 CPD officers huddled, then suddenly dispersed with word that their most recently injured colleague isn't ready to be released on Tuesday.
Fraternal Order of Police President John Catanzara said Moreno "was really hoping to go home" but "got light-headed" and was "going to have to stay for some more tests." CPD Deputy Director Tom Ahern said Moreno is expected to be released from the hospital Wednesday.
Still in the hospital himself, prosecutors brought attempted murder and aggravated battery charges against Halsey, who has a history of gun crimes. Halsey's public defender argued he has a conceal carry permit and a valid firearms identification card, and said police had not activated their lights when pulling him over.
Mentioned in court was a prior statement in which Halsey said he had feared for his life and began firing, hitting Moreno, the second officer shot in a traffic stop in a matter of days.
Halsey, who police said was also charged with one count of aggravated assault, appeared in court Tuesday, where a judge gave him $1 million bond.
COPA said it obtained body camera footage of involved officers, as well as additional third-party video that captured the traffic stop and the subsequent shooting. COPA said materials will be posted to its website within 60 days unless prohibited by court order.
The shooting was the third time in a week that a law enforcement officer was shot in Chicago with another CPD officer shot in West Englewood and a U.S marshal wounded in a shooting.