Raleigh Police Chief Cassandra Deck Brown told reporters Monday afternoon that a gun was found near the man.
Brown promised a thorough investigation which will "follow the available facts and evidence wherever they may lead."
Brown said the State Bureau of Investigation as well as Internal Affairs are working on the case. The findings will be presented to the Wake County District Attorney.
"This is a sad day, and our thoughts and prayers go out to all involved," said Brown.
While police have not identified the dead man, shortly after the shooting, a woman on the scene told ABC11 that officers shot her son, Akil Denkins, who was wanted on a warrant.
"He was running away," said Rolanda Byrd. "They couldn't catch him so they shot at him seven times."
"Everybody seen it," said Byrd. "They ain't going down with this one. They ain't gonna get away with this one, there's at least 40 eyewitnesses out here."
Byrd said several people told her that her 23-year-old son was unarmed and was shot by a white officer.
This is Rolanda Byrd. Her son is Akiel Denkins. 24 years old. 2 children. Police won't say if shooting was fatal. pic.twitter.com/K6jJCiZqOG— Jon Camp (@JonCampABC11) February 29, 2016
As word of the shooting spread, a small group of demonstrators arrived at the scene and started chanting "Black lives matter."
Raleigh's city council was supposed to hold a meeting on the use of body cameras on police officers Monday but the event was cancelled due to the shooting.
"This is obviously a sad, terrible situation," Mayor Nancy McFarlane told reporters. "We are all very saddened by the news."
Denkins was the father of two sons and turned 23 on February 8th.