Police responded to reports of a fight between men involving a knife around 5:10 p.m. at 5th and Market streets.
When officers arrived on scene police say one of them fired their gun at the suspect, who was taken to the hospital for his injuries.
"A San Francisco Sheriff's Office deputy was also on scene and deployed a Taser," according to San Francisco Police Department.
According to San Francisco P.D., officers also fired less lethal rounds, bean bags, but investigators are still trying to determine if that happened before or after the shooting.
The condition of the suspect is unknown at this time.
This incident is being investigated by the San Francisco District Attorney's Office Independent Investigations Bureau (IIB), the Department of Police Accountability (DPA), the San Francisco Police Department Investigative Services Division (ISD), and the SFPD Internal Affairs Division (IAD).
Anyone with information about this incident is asked to call the SFPD 24 Hour Tip Line at 1-415-575-4444 or Text-A-Tip to TIP411 and begin the text message with SFPD. You may remain anonymous.
"As part of SFPD's commitment to transparency and accountability, a town hall meeting regarding this officer involved shooting will be held within ten days," police said.