Police say they received a report of a man waving a handgun.
The officer-involved shooting happened at N. Del Rosa Avenue near Date Street, according to the San Bernardino Police Department.
The shooting was caught on cell phone video.
The suspect was taken to a local hospital where he was pronounced dead.
On Sunday, San Bernardino police released pictures showing the suspect with his arm extended pointing an object toward a parked police cruiser.
Police say the suspect was a Hispanic man in his mid twenties.
Officers have not yet said if a gun was recovered at the scene.