Two plainclothes San Francisco Police Officers shot and killed a man armed with a knife Thursday night, during what they say was an attempted bike theft on Folsom Street between 24th and 25th Streets.

According to a statement mailed by SFPD late Thursday night, it was 9:45 p.m. when SFPD received reports of "a Hispanic male with a knife, chasing another male."

The first man "was attempting to rob the victim of his bicycle," SFPD says in their statement. According to ABC7, the alleged bike thief was wielding "a stainless steel kitchen knife with a long blade at least six-inches long."

At about that same time, two plainclothes officers patrolling the area "came upon the crime in progress," near 24th and Folsom.

The officers, who SFPD says "had their department issued stars visible on their outermost garments," drew their guns and ordered the man with the knife to drop his weapon, police say witnesses will confirm.

However, "the situation escalated," and both officers fired their weapons, four to six times in total, according to both witness statements and the number of casings recovered at the scene.

At a press conference at the scene Thursday night, SFPD Chief Greg Suhr said "The officers drew their weapons, demanded for the man to drop his knife, he refused, we have several witnesses that heard this -- two here that we've already spoken to and another six that are being interviewed. At some point in time the officers, as they're only allowed to fire in defense of themselves or others, felt that one of those situations was in play. They fired upon the suspect."

"Witnesses say that they heard between four and six rounds," Suhr said. "We found six casings. So far that appears to be consistent. The suspect was struck, fell to the ground. He did not survive his injuries."

The cyclist was not injured, SFPD said in their emailed statement, "and thanked officers for intervening." At the scene, Suhr said that "In interviewing the victim...He thanked the captain saying you (the police) guys saved my life, KTVU reports.

Both officers, who have yet to be identified by SFPD, will be placed on paid administrative leave during investigations by the SFPD homicide detail, the SF District Attorney's office and SFPD Internal Affairs. Both are, ABC7 reports, "senior members of the force."

The Medical Examiner has yet to publicly identify the man who was shot, who has been described as "in his 20s" by ABC7. An SFPD spokesperson said Friday morning that they'll release his identity once his family has been notified.

As is SFPD policy following an officer-involved shooting, a town hall meeting is planned for Monday, March 2, 2015 at Cesar Chavez Elementary School at 825 Shotwell Street. It will begin at 6 p.m.