Michael Taylor, 26, is charged with multiple felonies, including attempted first-degree murder.
Officers attempted to conduct a traffic investigation near 92nd Street and Stony Island Avenue around 8:30 p.m. Wednesday when gunfire broke out, according to police.
During the exchange, an officer was shot in the leg and brought to the University of Chicago Medical Center. Police said the officer's injuries are non-life-threatening.
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At least one gun was recovered, according to Chicago Police Superintendent David Brown.
Video from the scene shows investigators at a Citgo gas station at that corner, as well as a dark-colored SUV that apparently crashed and was left on Stony Island.
The Civilian Office of Police Accountability is investigating the shooting. The officers involved have been placed on desk duty for 30 days.
Adonis Covington, 21, is also charged in the incident, officials said.