The man has been identified as 21-year-old La'vante Trevon Biggs, 21, of Durham.
It happened just after 10:30 a.m. in the 1700 block of Angier Avenue.
Police received a call about an "armed suicidal male." Officers said they made every effort to try to have him drop his weapon.
Hostage negotiators continued to try to get Biggs to cooperate for over half an hour, according to police.
Authorities said they began firing at Biggs once he started walking toward the officers. He was transported to the hospital where he died.
Biggs was arrested on Friday and bonded out at 9:55 a.m. on Saturday, authorities confirmed. He was shot and killed less than an hour later.
Durham Police Chief Jose Lopez held a press conference to discuss the shooting Saturday afternoon.
"Responding officers made every effort they could to get the young male to drop his gun," Lopez said. "Hostage negotiators arrived on the scene and took over for the officers. And for an extended period of time, they negotiated the situation trying to get him to put the gun down and bring this to a more positive conclusion.
The officers involved were Officer Richard Armstrong, Officer Anthony Cisternas, Officer Landon Harvey, and Officer Jason Holmes. They have been placed on administrative leave with pay, which is standard procedure in an officer-involved shooting. The N.C. State Bureau of Investigation is investigating.
"I think a situation like this is extremely dangerous for everyone involved, everyone who's there," Lopez said. "I think anytime a person is holding a gun is a very dangerous time for all involved."
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