Cellphone video captured by a bystander shows the deputies with guns drawn as the suspect approaches. At least one shot is heard, along with someone screaming.
No deputies were reported injured.
The deputy-involved shooting happened in the 3400 block of Greenglade Avenue around 5 p.m.
Suspect dies after deputy-involved shooting in Pico Rivera
Officials say deputies were called after a male, believed to be mentally disturbed, assaulted his family with knives or scissors.
Witnesses say the man also try to stab local residents nearby when they tried to restrain him.
Deputies were called to the home and made contact with the suspect and that is when he was shot in the street.
Sheriff's officials said one of the deputies initially tried to use a nonlethal stun bag to subdue the suspect, but that was unsuccessful and his partner fired his service weapon. The second deputy then also fired his service weapon, according to officials.
Investigators say they recovered a "sharp bladed object" near the man's body.
The 48-year-old man was later pronounced dead at the scene, officials said. His identity has not been released.