The confrontation was reported shortly after 5:30 a.m. at the intersection of Meridian and Commonwealth avenues, according to a news release.
Police responded to the area after receiving a call about an armed suspect at a nearby 7-Eleven. Authorities say the suspect tried to run away and, at one point, presented a firearm.
That prompted police to shoot multiple times.
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The suspect, identified only as a male, sustained a gunshot wound to a lower extremity. He was transported to a hospital and is expected to survive, authorities said.
No officers were injured. No other details about the shooting were immediately available.
After the incident, officials announced that Emery Park Elementary School, which is located near the scene, was closed for the day.
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"The incident did NOT occur on Emery Park's campus, but in consultation with the Alhambra Police Department, students and families cannot safely access the school. Please avoid the area," the Alhambra Unified School District said in a social media post. The school is scheduled to reopen Friday, the post said.