The incident happened around 9:46 a.m. near Woodruff Avenue and South Street.
According to the sheriff's department, a 911 caller reported seeing the suspect walking around with the knives. The suspect was holding a large kitchen knife in one hand and a smaller switchblade in the other, according to investigators.
The suspect - identified only as a 29-year-old - allegedly "swung a knife" at the victim, investigators said.
The sheriff's department said the suspect walked across South Street to another shopping center parking lot where people were charging Teslas and fast food workers were inside restaurants getting ready to open for the day.
Two deputies tried to get the suspect to drop the knives and even deployed a Taser, investigators said. That's when the two deputies involved opened fire.
"Based on the suspect's actions, it was very rapidly," said LASD Lt. Steve Dejong with the department's homicide bureau. "The suspect basically gave no opportunity to carry a dialogue with the deputies. He was just aggressive and approaching the deputies, making his threats. He appeared to not listen to the deputies and their commands whatsoever."
The suspect was struck multiple times, according to investigators. He was sent to the hospital where he's in "critical but stable condition."
The suspect wasn't identified but according to Dejong, he has been arrested in the past for carrying knives and starting fires. Body camera footage from deputies is being reviewed.
No deputies were injured. The incident remains under investigation.