Authorities said the suspect underwent surgery and was reported in stable condition.
The suspect was identified as 24-year-old Ian Schlesinger. His brother, Jack Schlesinger, was killed by police two years ago in a similar pursuit that also ended in a shootout.
WATCH VIDEO: Armed murder suspect shoots at police
The incident started when the suspect allegedly stole a car at gunpoint Tuesday afternoon in Studio City. Police say the chase began near Sunset Boulevard and Rosemont Street in Echo Park after they received a LoJack tip about a stolen vehicle. From there, the suspect wove in and out of traffic through the downtown, Westlake, Echo Park and Silver Lake areas.
During the pursuit, officers realized that the man was a suspect wanted in a murder that occurred in July in the Rampart division. LAPD Cmdr. Andrew Smith said officers have been searching for the suspect for over a month.
When the suspect neared Bixel and 7th streets near Staples Center, he collided with another car as both vehicles moved through the intersection. The suspect exited the car carrying an assault rifle. That's when he fired several shots before he was downed by police gunfire. It appears that he was struck in the shoulder.
Bixel and 7th streets and surrounding areas were shut off for police investigation Wednesday morning and was set to reopen late morning.
