Officers arrived at Puget Drive and Olympic View Drive at about 7:30 a.m. after getting calls about a man in the street with a shotgun or rifle.
A woman working at a nearby gas station said she heard police yelling, "Drop the gun, drop the gun." She then heard a single gunshot, followed by at least two more shots.
Neighbor Roger Hertrich was home with his window open when the action unfolded.
"I heard this one really loud shot. It was obviously a large caliber rifle or a shotgun. There was a pause, then a rapid fire of about five (shots)," he said.
It's unclear if the armed man fired his weapon, but police say there was "a brief verbal confrontation" prior to the shooting.
The armed man, a 27-year-old from Edmonds, was hit at least once. He was taken to Harborview Medical Center in serious condition, according to Aaron Snell with the Snohomish County Multiple Agency Response Team.
There were no other injuries.
The two officers involved are both veterans of the Edmonds Police Department. Neither man is being identified, but Snell said one is a sergeant with 15 years on the force, and the second is a corporal with 14 years experience.
The investigation is ongoing.