The shooting occurred near the intersection of 10th Street and Sedgwick Avenue around 9:30 p.m.
Police were sent to the home after neighbors called 911 and told authorities there was a man holding a knife and acting bizarre.
Responding officers found Hector Jimenez, 50, frantically waiving the knife and cutting himself. Police say he refused to put down the knife and charged at the officers. That's when the shooting occurred.
"They established communications with him, asked him to put the knife down and after negotiating with him for a few minutes the subject charged the officers at which time the officers opened fire in defense of their lives," said Riverside police Lt. Guy Toussaint.
Jimenez was pronounced dead at the scene.
The man's daughter, Lily Jimenez, says her dad was an alcoholic and had just been diagnosed with cancer. She says he was under medication and delirious.
Anyone with information was urged to contact Detective Ron Sanfilippo at (951) 353-7105 or Detective Mike Medici at (951) 353-7104.
CNS contributed to this report.