A man with a gun was believed to be preparing to rob a jewelry store in Toronto when he was confronted by a security guard and shot on Thursday afternoon, police say.

The incident unfolded at a plaza in the Eglinton Avenue East and Warden Avenue area, which is close to a courthouse.

Shooting at Jewellry Exchange

Toronto police are investigating after a man was apparently wounded after an alleged holdup attempt at the Jewellry Exchange near Eglinton Avenue East and Warden Avenue. (John Hanley/CBC)

According to Toronto police, a male with a firearm walked into the Jewellery Exchange at 1921 Eglinton Ave. E., at about 2 p.m.

Det. Dave Liska said the security guard spotted the man attempting to rob one of the jewellers inside the premises.

"He was confronted by an armed security guard who was already on the site and he was ultimately shot," Liska told reporters on Thursday evening.

The security guard fired shots both fired inside and outside the store.

Initial reports suggested that the security guard and the wounded man had exchanged fire, but that did not appear as certain hours later.

"I am not sure if the suspect fired any shots, however, a weapon was recovered," Liska said.

Toronto police Det. Dave Liska

Toronto police Det. Dave Liska said the man who was shot by a security guard is now being guarded by officers in hospital. (CBC)

Liska said police did not fire any shots when responding to the call.

The Jewellery Exchange is on the south side of Eglinton Avenue East. The wounded man fled to the north side of the street after being shot. It appears he may have been trying to reach his vehicle.

Officers soon caught up with the wounded man and he surrendered.

The man was rushed to hospital, where he is now being guarded by police.

Liska said police are not currently aware of any other suspects.

The investigation continues.

The Concord, Ont.,-based ValGuard Security Inc. identified the security guard as Jonathan Hackembruch.

Gary Kleiman, the chief executive officer of ValGuard, told CBC News that Hackemruch is a Canadian Armed Forces veteran.

"He acted in self defence, responding to the threat in accordance with his training," Kleiman told CBC News in an email.

With a report from the CBC's Charlsie Agro