The 56-year-old has been taken to hospital with non-life threatening injuries under police guard.

Police say officers had been searching for the man on Tuesday morning after he made "serious threats to harm other people known to him".

Officers located his car on a street in Flagstone about 11.20am but when they approached, the man exited the vehicle and produced the firearm.

"Police called on him to put the firearm down. He has received a gunshot wound to the hand," Acting Inspector Jonathan Lavin told reporters on Tuesday.

"Police have reacted in accordance to their training and the threat was subdued ... and they did a good job."

No officers were injured.

The Ethical Standards Command are investigating.

It is the second shooting incident in as many days in Brisbane's south.

A 48-year-old gunman died after being shot by police following a six hour stand-off at a Stretton business on Monday night.

"Yes we have had two incidents in the last 24 hours but that is the nature of policing unfortunately - 24/7, anything can happen," Insp Lavin said.

"I believe there is no link to last night's incident."

Australian Associated Press