A man has been shot dead by police in Canberra's south in the early hours of this morning.

Police were called to Wheeler Crescent in Wanniassa after a report of a disturbance.

They say the 27-year-old man was armed with a meat cleaver and knife.

Police made numerous demands for him to drop them and when he failed to do so police shot the man once.

CPR was performed but the man was pronounced dead at the scene.

Investigations continue and the street remains closed.