It happened just after 10:30 a.m. at an apartment in the 400 block of South Gramercy Place, according to police.
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Police said officers were responding to a radio call to meet Department of Mental Health clinicians at the apartment.
"When the officers arrived to the apartment, they were met by the suspect, described as a male in his 40s, who was armed with a knife," police said in a post on X. "During that encounter, an officer involved shooting occurred and the suspect was struck by gunfire."
The man was pronounced dead at the scene. No injuries were reported.
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The brother of the suspect briefly spoke with reporters on the scene and said police "wrongfully killed" his brother.
The incident remains under investigation. Police said detectives are still interviewing witnesses and will also review any bodycam video.
Anyone with information is urged to contact police.