The incident happened about 9:15 p.m. near Polk and Sacramento streets.
Pod cam video obtained by Eyewitness News shows the moment the officers were injured as they tried to conduct a traffic stop. The driver of the sedan, who initially pulled over, rams his car towards the officers, pinning one between the squad and his vehicle, while exchanging gunfire with the other.
WATCH: CPD Supt. Brown gives update after shootout involving officers
"I just want to ask all of you here to pray for a complete and full recovery for our officers and thank the good lord he blessed us last night in ensuring that our officers were safe," said CPD Supt. David Brown.
One of the officers was struck by gunfire in the left pinky. The other officer suffered an ankle injury from being pinned between the cars. Both were taken to Stroger Hospital for treatment. Brown said the injuries are not life-threatening. The officer who was shot was released from the hospital Tuesday evening. The other office remains hospitalized with a leg injury, as does the suspect who was shot.
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The suspect was struck by gunfire and taken to Mt. Sinai Hospital in serious-to-critical condition, police said. James Callion, 28, of Chicago is now charged with three counts of attempted first degree murder, two counts of possession of a weapon by a felon on parole, and one count of aggravated battery of a police officer, all felonies.
Callion remains hospitalized.
Two guns were recovered, one on the suspect's person and the other from the suspect's car.
Police said the officers pulled the car over after observing "multiple traffic violations."
The Chicago Civilian Office of Police Accountability tweeted it was responding to the officer-involved shooting and asked anyone with any information about the incident to contact their office at 312-746-3609.
In a statement Tuesday, Mayor Lori Lightfoot said, "Last night, two Chicago police officers were injured, including one shot, and the other seriously injured, while conducting a traffic stop in the 11th district. The Superintendent kept me updated and I was very relieved to hear that none of their injuries were life threatening, and that a suspect was apprehended on scene. My family and I are sending them strength as they make their recoveries, and thank them along with all of the first responders who assisted last night for their courage and quick action during a chaotic and potentially deadly situation.
"This latest incident again underscores the dangers that our valiant police officers face every day to keep the rest of us safe. I urge the State's Attorney to seek the highest possible charges against this offender and for the Court to keep this violent dangerous individual off the street pre-trial."
The first graduation ceremony of the year for Chicago police officers was Tuesday at Navy Pier.
As a new class of 80 recruits were officially sworn in, Brown talked about the officers hurt Monday night and how dangerous the job of a police officer has become.
"There has never ever been a more difficult time to be the police, and, yet, you're still here answering the call," he said.
He also asked for prayers for the injured officers.
Lightfoot attended the ceremony, as well.