Medical crews were already staged nearby and responded immediately, but the suspect died at the scene despite life-saving efforts. His identity has not yet been released.
No officers or members of the public were injured, according to police.
The Magic Valley Critical Incident Task Force has been activated, and the Cassia County Sheriff's Office is leading the investigation into the officer-involved shooting.
Police say the officers involved have been placed on paid administrative leave, which is standard procedure.
Once the investigation is complete, the case will also go through an internal administrative review.
Officials say there is no ongoing threat to the public and are asking for patience as the investigation continues.
Idaho News 6 will continue to provide updates as more information is released.