The aerial footage shows deputies ordering the suspect to comply and surrender after he gets out of the stolen vehicle.
He initially puts his hands up but then backs away from the deputies and appears to reach into his waistband.
At that point one of the deputies opens fire and the suspect falls to the ground.
Body camera shows Kern County K-9 accidentally released, attacking compliant suspect
Video: Kern County K-9 accidentally released, attacks compliant man on ground
"The suspect who was previously in the driver's seat of the stolen vehicle was ordered numerous times to comply with the deputies' orders," said San Bernardino County Sheriff-Coroner Shannon Dicus.
"He then chooses to reach into his waistband as if retrieving a weapon, causing the deputies to use lethal force."
The San Bernardino County Sheriff's Department says the 17-year-old suspect, a Bakersfield resident whose name was not released, was wounded in the arm and brought to a local hospital for treatment.
The department did not indicate that the suspect was later determined to be carrying a weapon.
A second man at the scene, identified as Maurice Johnson, 18, of Colton, was arrested for possessing a concealed firearm in public.
The incident happened July 8 around 6:43 p.m. starting with a report of a stolen vehicle near Third Street and Waterman Avenue. They found the vehicle parked in front of a home in the 26000 block of Hillview Street in Highland with several people standing around in the area, including the suspected driver of the stolen vehicle.
"It is in our best interest as citizens to comply with the lawful orders of law enforcement officers so we as individuals do not contribute to the escalation of force as seen in this incident," Dicus said.