Video of the incident shows a man walking away from several police officers who have their guns drawn. Louisiana State Police confirmed the man had a knife.
Officers later identified the man as 31-year-old Trayford Pellerin.
Gunfire erupted when Pellerin fled the scene after officers attempted to apprehend him. Officers first deployed tasers but they were ineffective, according to police reports.
At least 10 shots can be heard and Pellerin is then seen lying on the ground surrounded by police.
While Louisiana State Police confirmed the shooting to KATC-TV, neither the state police nor the Lafayette Police Dept. have said what led to the shooting.
Police did confirm Pellerin later died at the hospital. No officers were injured.