AIR7 HD was over the scene around 11:10 p.m. as several law enforcement vehicles gathered in the area of Arcadia and Spring streets. The incident also prompted a response from SWAT.
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The hostage and the police officers were unharmed in the confrontation, according to the Los Angeles Police Department.
A nearby homeless encampment appeared to be the focus of the search for the suspected shooter, and police said the suspect was isolated to a tent in the encampment before being shot.
The woman was taken into custody and hospitalized in unknown condition shortly before midnight. She was not immediately identified.
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The California Highway Patrol shut down nearby freeway off-ramps, and the southbound 101 Freeway at the 110 was also closed due to the incident.