Charlie Vasquez, 23, is facing multiple charges including two counts of attempted murder.
Police said he has been in the hospital with a gunshot wound.
On Friday, the second of two police officers who were shot was released from the hospital.
Robert Holmes was struck in the armpit during the confrontation Wednesday in the Belmont section of the Bronx.
His partner, Alejandra Jacobs was shot twice in the arm. She was sent home on Thursday.
The incident happened on East 187th Street and Beaumont Avenue around 8:15 p.m.
Video obtained by Eyewitness News shows the officers barely had the chance to speak to him before he opened fire.
According to NYPD Commissioner Dermot Shea, police received a 911 call about a man with a gun at the location.
The two officers responded, and surveillance video shows what happened when they arrived.
The officers confront the suspect, whom they recognized from the description they were given. The suspect reached for a gun and a struggle ensued, during which the suspect fired at the officers.
The female officer returned the gunfire, firing five times, and the suspect was shot three times. All three were taken to St. Barnabas Hospital.
'We have lot to be thankful for," the commissioner added, citing no loss of life in the incident.
Police recovered Vasquez's gun at the scene. He has several prior arrests including for weapons possession.
They said the gun was reported stolen from Georgia.
"It comes down to accountability, you should not feel comfortable carrying an illegal firearm," NYPD Chief of Department Rodney Harrison said. "And that's what it comes down to. In New York, we have some of the strictest gun laws in the country, but we've got to make sure those who choose to carry these illegal firearms are held accountable for what they are doing."
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