The fatal confrontation occurred on June 20 after deputies responded to a 911 call.
"Hey, I just want to make a report of a guy with some knives, swinging them in public," the caller told a dispatcher, according to an audio recording released by the Sheriff's Department.
Surveillance video shows three sheriff's patrol vehicles arriving at the scene. The suspect, identified as Robert Castro, is seen in the footage walking away from the deputies and across a parking lot, according to authorities.
"Before Deputy #1's patrol vehicle came to a stop, Castro turned and rapidly walked in the deputy's direction," the Sheriff's Department said in a statement. "Castro then ran at Deputy #1, drew a knife, stabbed the deputy, and Deputy #1 discharged his service weapon."
A second deputy also opened fire and then checked on the other deputy, who was bleeding from a stab wound, authorities said.
According to investigators, the body camera video shows Castro removing a knife from his pocket before the stabbing.
After the initial confrontation, the second deputy is heard giving Castro commands not to move.
"When Castro moves his hand, Deputy #2 commands him to 'Stop reaching," the Sheriff's Department said. The second deputy then opens fire.
Castro was transported to a hospital, where he was pronounced dead. The injured deputy was also taken to a hospital; there he was treated for the stab wound.
Authorities said Castro was in possession of three knives at the time of the incident.
"Following notification of this incident, DOJ's California Police Shooting Investigation Team initiated an investigationin accordance with AB1506mandates," California Attorney General Rob Bonta's office said in a statement last week.
After the investigation by the state's Department of Justice is complete, it will be turned over to the department's Special Prosecutions Section within the Criminal Law Division for independent review, the news release said.