Police responded to a report of a carjacking at a store parking lot on the 44000 block of Osgood Road.
Police say the suspect was armed with knife and left the scene.
Police then located the suspect on Automall Parkway, and shot the suspect once.
The suspect is in stable condition at a local hospital, police said.
Officers were not injured.
Auto Mall Parkway was briefly closed between Osgood Road and Fremont Boulevard.
Police are asking witnesses to contact Detective Michael Gebhardt at mgebhardt@fremont.gov or by calling its Investigations Unit at (510) 790-6900.