Officers arrived at an apartment building at 1210 N. Las Palmas Ave. near Lexington Ave. The disturbance was coming from an apartment on the first floor.
Officers found a male suspect with a gun and a woman who was reportedly shot. Officers then opened fire and shot what is believed to be the suspect.
Witnesses reported seeing two victims transported in ambulances in critical condition.
One witness described one person as a woman about 35 years old, and the other, a man in his early 50s.
Witnesses said four to five shots were heard.
Police say all suspects are in custody and all officers are accounted for.
It was initially reported that four people were shot in the incident.