Chief Randy Scott says the suspect was shot after he opened fire on officers just before 5 a.m.
Police spokesman Brick Lewis says the officer and his partner had stopped a sport utility vehicle and were walking toward it when someone inside fired a gun.
The SUV sped off to a home several blocks away. Lewis said officers coaxed the suspect out of the house and shot and killed him after he opened fire on them with an AK-47.
Lewis says the officer's bullet-proof vest stopped the bullet, and he is being treated at a hospital.
The names of the officer and the suspect have not been released.