The shooting occurred around 5:25 p.m. in the 100 block of West 126th Place.
According to police, a 52-year-old man left his residence armed with a shotgun and shot a 47-year-old man before returning to his home and reemerging with a handgun.
Chicago police utilized several tactics to try and get the offender to drop his weapons.
The offender then pointed one of the guns at a civilian. At this time, two police officers fired shots.
The offender was struck in the finger, and removed from the scene, police said.
No officers were injured.
The suspect and the 47-year-old were transported to a local hospital with non-life-threatening injuries.
The officers who fired shots will be placed on routine administrative duties for 30 days, in accordance with department policy.