A suspect in an armed robbery in the Mid-City area was fatally shot Friday and one other person, believed to be a security guard, was wounded.

The shooting occurred about 10:15 a.m. at a strip mall in the 5900 block of Venice Boulevard, the Los Angeles Police Department reported.

According to police, a 25-year-old man went into the business and shot a 40-year-old man inside. That shooting victim, reported to be a security guard, returned fire and shot the suspect, police said.

Both men were taken to a hospital, where the original shooting suspect died, according to police.

The other man's condition was not immediately available.

Video from the scene showed police detaining a person in the vicinity of nearby Saturn Street Elementary School, which was placed on lockdown during the police activity. One other suspect escaped the scene.

According to the LAPD, the suspects stole $20,000 in currency from the businesses, along with a check for $1,000.