The incident occurred in the 2400 block of Earle Avenue around 6:45 p.m.
Investigators said deputies from the Los Angeles County Sheriff's Department responded to the scene following a family disturbance and person intoxicated call.
As responding deputies talked to family members, a woman suffering from a stab wound to her neck began walking towards them from a side driveway of the residence. The woman was followed by the suspect who attempted to stab her again.
That's when one deputy fired a Taser at the suspect. When that attempt failed, a second deputy opened fire, striking the suspect in the upper torso.
The suspect, later identified as 21-year-old Paul Aguilar, was pronounced dead at the scene.
The stabbing victim was transported to County-USC Medical Center in serious condition but is expected to survive.
She was later identified as the suspect's aunt.
The knife used by the suspect was recovered from the scene.
No deputies were injured in the confrontation.
The investigation is ongoing. Anyone with information about this incident was encouraged to contact the Los Angeles County Sheriff's Department's Homicide Bureau at (323) 890-5500.