Officers pulled over a car with two occupants in the 1800 block of 99th Avenue at 4:56 p.m., and the passenger in the car fled on foot.
Police chased the man to the 9900 block of Cherry Street and caught him, but in the ensuing struggle the man threatened the officers with a gun, according to Oakland police.
One of the officers shot the man, and despite medical attention, he was pronounced dead on the scene.
Officers found that the man was carrying a loaded firearm and suspected narcotics. The driver of the car fled the scene and police are looking for him.
The internal affairs division and the major crimes unit of the Oakland Police Department as well as the district attorney's office responded to the scene and opened an investigation into the shooting.