The Chicago Fire Department has identified the victim as 65-year-old retired Lieutenant Dwain Williams.
WATCH: CFD, CPD salute Lt. Williams as body arrives at medical examiner's office
On their official Twitter account, CFD spokesman Larry Langford said Williams retired about two years ago at the age of 63. He joined the department in 1992 and his last assignment was at the Office of Emergency Management and Communications.
He is survived by a wife and four children. He's being remembered as a talented musician who was involved with his church.
Police said shortly after 2 p.m. Williams was leaving a popcorn store in the 2400-block of West 118th Street when he was approached by four people in a dark colored four door sedan. They got out and demanded his Jeep Grand Cherokee, police said.
One of the suspects pulled out a gun and fired shots. Williams was shot in the stomach.
Police said Williams also pulled out a gun and fired shots towards the suspects. It is not known if he struck any of them.
The suspects fled west on 118th Street, police said.
Williams was taken to Christ Hospital where he died. William Marshall, another retired firefighter and friend of Williams', said he reached out to his friend's wife, who hadn't yet been informed.
"She didn't know. She tried to call him and at that moment, that's when the reporting officers came up," he said. "It is terrible. I still can't believe that this is going on at this moment."
"What a tremendous loss in retirement to be stopping to support a local business to be gunned down in another senseless act of violence," said 19th Ward Alderman Matt O'Shea.
Chicago police have been battling a surge of carjackings this year. According to data analysis by the ABC7 I-Team, there have been at least 1,234 carjackings so far in 2020, a 134% increase from this time last year and the most reported since 2002.
"We are doing our best right now to increase the capabilities of our city wide task force. We are aware where the crimes are occurring and we are going to deploy resources to the appropriate areas," said CPD Chief of Operations Brian McDermott.
No one is currently in custody. An investigation is ongoing.