A man has been shot and killed this morning in Brisbane's CBD by police after reports he was carrying a knife and threatening members of the public.

Police are yet to officially address the media, but reports indicate the man had stabbed another man who was running "covered in blood" on an otherwise quiet Sunday morning.

When police arrived at the scene they shot the man dead.

Two patients were reportedly assessed on scene and police have urged motorists to avoid the scene.

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"All of us heard the shots, it was a lot of shots," witness Adam Leishman said.

"I've seen that one of the cops had a knife on the side and a dead man on the road."

"I heard yelling and then I heard rapid fire of seven to 10 shots and I saw people running towards me," he told the The Courier-Mail.

"I just turned and ran. I immediately thought it was somebody that shouldn't have a gun."

Queensland police told news.com.au they "responded to a disturbance" about 10am.

The man was shot "to protect the public", according to The Courier-Mail.

"As a result the man is deceased," police told news.com.au, saying the "circumstances are yet to be investigated".

Police said the man was armed, but would not confirm what the weapon was.

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A Queensland Ambulance Service spokesperson told news.com.au it transported one patient with injuries to Royal Brisbane Hospital, but would not confirm other details or if a second person was treated at the scene. Police declined to comment.

The shooting took place outside the Westin Hotel.

"Never seen this many police cars and ambulances appear in minutes," one witness posted to police.

"That was crazy. Police and ambo presence was so quick," said another.

A crime scene has been established, however, there is no longer a threat to the public.

The incident will be investigated by the Queensland Police's Ethics Command.