The shooting occurred just before 6 p.m. Monday in an alley between 4th and Florida streets.
Authorities said officers opened fire after the suspect pulled out a handgun.
The suspect, whose name and age were not disclosed, was rushed to the hospital where he underwent surgery. No word on his condition has been released.
Police recovered a gun at the scene.
According to Long Beach police Sgt. Aaron Eaton, the suspect was wanted on suspicion of burglary and for an unspecified weapon violation.
Southbound Cherry Avenue was shortly closed from Fourth Street south following the shooting.