The officer, who was not immediately identified, was struck in a leg and hospitalized, FOX 13 of Salt Lake Tribune reported.
The suspect, who also was not identified, was struck multiple times and was also receiving medical treatment, the report said.
The shootout happened around 8 p.m. in South Jordan, a suburb south of Salt Lake City, according to the Salt Lake Tribune, after police arrived at a home while investigating a report about an allegedly stolen vehicle.
The suspect, a male, was found in the basement of the home, and fired at police as they approached him, station KTVX of Salt Lake City reported.
The suspect was the subject of open warrants at the time of the shooting but specific information about the warrants was not immediately available, the Tribune reported.
It was also unclear how many shots were fired as police and the suspects traded fire, the report said.
Three or four police officers were at the scene at first, then more arrived later, South Jordan police Lt. Matt Pennington told the Tribune.
Roads in the surrounding area were briefly closed during an investigation but were later reopened, the report said.