Police Chief Medaria Arradondo said the felony suspect appeared to have fired first and officers returned fire, according to the Star Tribune newspaper.
There was no immediate information on the identity and race of the deceased man or the officers involved in the shooting.
A hundred-strong crowd soon began gathering near the shooting scene, prompting the deployment of a police force.
Floyd’s death on May 25 at the hands of four officers, who were later fired, triggered a wave of nationwide protests over racially motivated police brutality.