At 8:05, the uniformed officers responded to a report of drug sales and a person with a gun in the 2100 block of East Monmouth Street, said police spokesman Lt. Raymond Evers.
The suspect, described as about 20 years old, pulled a large-caliber revolver from his waistband and pointed it at the officers, Evers said.
The officers fired eight times at the man, who fled a short distance before collapsing inside a house in the 2000 block of East Birch Street, Evers said.
A medic unit pronounced the man dead at the scene at 8:29. No one else was hurt.
Officers recovered the revolver, which the suspect dropped as he ran away, Evers said.
The shooting was being investigated by Internal Affairs, which examines all police gun discharges. The two officers who fired will be assigned to desk duty until the investigation is complete.