A man has been shot dead by police after a horrific stabbing in Caboolture, north of Brisbane on Tuesday morning.

Police were called to the intersection of Beerburrum Road and Commercial Drive where a man was left with life-threatening stab wounds to his neck.

The victim was rushed to the Royal Brisbane and Women's Hospital in a serious condition.

The offender fled the scene before police arrived.

However, a short time later, officers located the man on Margaret Street, about a 15 minute walk away, where he was threatening a woman.

Police discharged a firearm and the attacker was killed.

The Ethical Standards Command will investigate the shooting alongside the Crime and Corruption Commission and the State Coroner.

SkyNews.com.au has contacted Queensland Police for further comment.

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