The CCTV footage shows the 26-year-old man falling to the ground outside a house on Stud Road in Dandenong on Wednesday.

Moments earlier, another camera captured the police officers chasing the man across the busy road, with one of them holding his gun.

The man had been a passenger in a car stopped by police just after 4pm. Police said they chased him when he jumped out of the car and ran away.

Two officers chased the man through garages and over fences before he allegedly tried to carjack a BMW near the intersection of Ann Street.

Police said after he failed to steal the car he turned around and pointed a handgun at the officers.

The two police officers opened fire on the man, striking him twice in the torso.

The footage shows the man falling to the ground and more police arriving soon after to arrest him.

The man, who is known to police, was taken to Dandenong Hospital in a stable condition and underwent surgery.

Assistant Commissioner Robert Hill said the officers were in fear of their safety and had done an "exceptional job."

"I've spoken to the constables involved, who have done an exceptional job as far as I'm concerned, facing some very trying and challenging sets of circumstances," Mr Hill said.

"As far as I'm concerned, they acted with utmost professionalism and [I'm] quite proud of what they've done.

The man remains in hospital under police guard.

Police have questioned the driver of the car, a 46-year-old woman.