Officers responded to a family disturbance call at a home on the 5900 block of Loveland Street at approximately 10:18 p.m.
When officers arrived, they encountered the suspect who became "agitated," and ran further into the house and attacked his stepfather with a knife, according to the Los Angeles County Sheriff's Department.
An officer-involved shooting occurred, with the suspect being struck at least one time in the upper torso.
The 24-year-old suspect died at the scene.
The man stabbed was transported to a local hospital in stable condition.
No officers were injured in the incident, and the investigation is ongoing.