Police have shot dead an armed man found threatening a woman north of Brisbane.

Police say officers responded to reports a man had been stabbed by another man at the intersection of Beerburrum Road and Commercial Drive at Caboolture just after 3:40am.

The offender fled the scene on foot and was located by officers threatening a female member of the public while armed on Margaret Street.

An officer shot the man and he died at the scene.

The woman was not injured. The stabbed man had a neck wound and was taken to the Royal Brisbane and Women's Hospital in a serious condition.

Police say the matter is being investigated by the Ethical Standards Command, with oversight from the Crime and Corruption Commission and the state coroner.

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