The incident happened about 11:50 p.m. after officers responded to multiple 911 reports of a pedestrian wandering on the 5, near the 10 Freeway interchange, according to the CHP.
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An altercation took place between the armed man and the officers, resulting in the CHP deploying a Taser on the suspect followed by the fatal shooting, investigators said. No officers were injured.
The deceased man was identified as Eric Alvarez of Hacienda Heights.
The knife was recovered at the scene, the CHP said.
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Pedestrians on freeways "are a big problem across the state, specifically here in central Los Angeles," said Sgt. Saul Gomez, a spokesman for the highway patrol. "On any given night, our officers can respond to anywhere between 20 to 30 pedestrian calls -- that is, a pedestrian is on the freeway."
Two southbound lanes were reopened Sunday morning after a nine-hour closure at the location, where traffic was initially snarled in both directions. The closure of the northbound 5, between the 10 and Broadway, lasted until 11:15 a.m.