PHILADELPHIA (CBS) – A man and his suspected killer are dead after a robbery in the city’s Olney neighborhood Saturday morning.

Police say a little before 10 a.m., a 50-year-old male was stabbed in his chest during a robbery in the 5400 block of North 3rd Street. He collapsed moments later at 307 Tabor Road and was pronounced dead by medics at 10:10 a.m.

According to authorities, a witness followed the suspect to the 5800 block of Mascher Street and notified police.

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Officers located the suspect in the basement of a home and when they tried to arrest the man, police say he lunged at them with a butcher’s knife. Authorities say the officers then opened fire, killing the suspect.

Homicide continues to investigate this case.

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