Bergen County Prosecutor Gurbir Grewal said the shooting occurred at about 10:30 a.m. outside a home at 485 Summit Avenue in Fort Lee.
The suspect is in critical but stable condition at Hackensack University Medical Center.
Several involved Fort Lee officers were taken to Englewood Hospital for evaluation, Grewal said.
Fort Lee resident Julene Stassou says she heard shots fired, called 911 and was told to stay in her home.
Resident recounts police-involved shooting
Fort Lee Police Chief Keith Bendul told The Record that two police officers discharged their weapons and suffered injuries. But Bendul said he didn't have further details on their conditions.
Authorities have not said why officers had gone to the home, citing the ongoing investigation.
The shooting is under investigation by the county's major crimes unit.
(The Associated Press contributed to this report.)