Officers responded around 5:10 p.m. to the 1100 block of Cole Avenue after a report of a man with a gun, according to the Los Angeles Police Department.
The man, later found on Vine Street near Fountain Avenue, was shot at by officers before continuing a short distance northbound on Vine Street.
He was eventually arrested after lying chest down on the sidewalk.
No officers were injured in the incident, LAPD said. The individual was not shot but was still taken to the hospital with non-life-threatening injuries.
Investigators said the object the individual had was not a gun but did not elaborate on what the object was. LAPD later released an image of the object, which appeared to be a replica.
A large portion of the Hollywood area was closed off due to the investigation.
No further details were immediately known.
City News Service contributed to this report.