Officers were called to the area at about 3:20 a.m. Sunday after a report of gunfire in a nearby alley.
Arriving officers said they found a man with a gun in the lot. WPVI-TV said the officers reported that he pointed the weapon at another man who had his hands in the air.
Police ordered him to drop the weapon but he fled and they chased him, and he turned and pointed the gun at them.
Both officers opened fire, striking the suspect. He was taken to Temple University Hospital, where he was listed in stable condition.