Los Angeles police said the incident occurred around 5:41 p.m. The suspect was shot and pronounced dead at the scene, the Los Angeles Police Department said.
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There were no other suspects outstanding.
Witnesses said it appeared the man was wielding a long knife and was shot after being told multiple times to drop the weapon.
"I heard the officers patiently telling the guy, put it down, put it down, put it down," said Tim Williams, a former police officer who was at the mall and watched the events unfold. "He kept gesturing and gesturing. He'd move toward them and move back. They still didn't shoot. They could have shot him then and they didn't."
He said the officers opened fire when it looked as if the man was lunging toward people in the mall.
"But when he took off toward where the people were, that's when they had to shoot him," Williams said.
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Just a few feet away from the suspect was a woman, who was too scared to provide her identity.
"I saw one of the workers, I said what do I do? She said just run. Just run," she said. "It was really scary because my life could have been gone right then and there."
LAPD officials said they are not aware of anyone being injured by the man, but they are asking witnesses as well as any possible victims to contact them.
No officers were injured in the shooting. Police said they recovered a knife at the scene.
The investigation is ongoing.