Around 8 p.m., police received a call of a dispute involving a man armed with the knives on East 46th Street.
According to investigators, the suspect confronted the officers and started to lunge at them.
One of the officers fired twice, striking the man in the right forearm and left hip.
The suspect was taken to Kings County Hospital, where he is in stable condition.
One of the officers was hospitalized with tinnitus.