One man is in custody in hospital after he was shot by an armed security guard during an attempted hold-up of a Scarborough jewelry store, police say.

According to police, a suspect was brandishing a gun when he entered the Jewellery Exchange near Warden and Eglinton Avenues at around 2 p.m. and was confronted by the security guard.

The security guard then opened fire and the suspect fled, police say.

It is not known if the suspect discharged his weapon during the interaction, however police say the security guard was not injured.

"He was confronted by an armed security guard that was already on the site and he was ultimately shot. He then fled the area to a vehicle, where he was located by responding officers and taken into custody without further incident," Sgt. David Liska told reporters at the scene late Thursday afternoon. "As a result of his injuries he was then taken to hospital via ambulance and he is now being guarded by police."

Paramedics previously told CP24 that one man in his 20s was taken to hospital with serious but non-life threatening injuries following the shooting.

According to Liska, police believe the man in custody is the only suspect in the case; however he said the investigation is ongoing.

Eglinton Avenue East was closed in both directions between Warden Avenue and Lebovic Avenue as police investigated, however the road has since opened.

Police are urging witnesses to come forward.

Remember for instant breaking news follow @cp24 on Twitter.