Lemuel Bunn, 40, of the 2000 block of Rebecca Street in Roanoke Rapids, died from his injuries at Cape Fear Valley Medical Center.
The officer-involved shooting happened around 9 a.m. at a Fayetteville apartment complex.
Officers with the Fayetteville Police Department responded to a report of an active assault against a victim in the 800 block of Greenleaf Drive.
Fayetteville Police Chief Gina Hawkins said that the victim, identified as 34-year-old Stephanie Williams, told 911 she was being held in her apartment against her will.
Hawkins said that police had to force their way into the home and found Bunn standing over Williams, who was lying a bed bleeding.
Bunn had one of his arms around Williams' neck and was holding a knife, police said.
Officials said the Bunn refused numerous orders to drop his weapon so an officer fired at him.
Bunn and Williams were both transported to Cape Fear Valley Medical Center in critical condition.
Williams remains hospitalized and is described as stable.
The condition of her unborn child remains unknown.
Hawkins said the officer who fired at the suspect is now on administrative leave pending the investigation.
The North Carolina SBI is conducting the investigation into the shooting.