Police said the two ran away from the suspect, who did not make off with any money or other property.
Responding officers spotted a man fitting the suspect description, who ran when he saw police.
A short foot chase ensued, during which the suspect brandished a handgun. Authorities said it was not certain if the suspect fired his weapon.
Officers shot and killed the man. None of the officers were injured and a handgun was recovered at the scene.
Nearby residents who heard the early morning shooting said they're wary of the police and questioned the shooting.
"Too many shots for one guy that didn't even get a shot off. It's lucky they see the gun. Maybe he was reaching for his wallet. You never know," said Canoga Park resident James O'Connell.
Roscoe Boulevard between Topanga Canyon Boulevard and Shoop Avenue was closed for investigation.