According to First Deputy Commissioner John Stanford, officers were conducting a "pedestrian investigation" at Mutter and Somerset streets around 6:30 p.m.
"As they were approaching, a scuffle ensued with the male and the officers, at which point in time, the male produced a handgun from a bag that he was carrying on his person," said Stanford.
At some point, police say the suspect's gun discharged, and that's when two officers opened fire, hitting the man in the torso.
The suspect was transported to Temple University Hospital and was later pronounced dead at 6:55 p.m.
Stanford said the investigation was in its very early stages, adding that it's too early to say why officers were conducting the investigation and how many shots were fired.
No officers were injured in the incident.
Update on officer-involved shooting that left suspect dead
Authorities have not yet released the identity of the individual.
The police department will review both officers' body cameras to learn more about what happened.
Anyone with information on the case is asked to call police at 215-686-TIPS.