On Thursday morning, Peele Regional Police officers were investigating a "man in distress" in an SUV at Terminal 1 departures.
"Early information received indicates he produced a firearm" and that "three officers discharged their firearms at the man", the SUI said.
He was taken to hospital where he was pronounced dead.
Ontario Provincial Police advised drivers and commuters to "avoid the area". Buses to the airport initially were rerouted, but Toronto's public transit authority has confirmed that normal service has resumed.
In a post on X, Pearson airport confirmed that vehicles and passengers departing from Terminal 1 are being rerouted to enter and exit through arrivals due to the investigation.
Multiple users on social media were speculating about the incident, saying there was a heavy police presence around the airport.
Pearson airport is 20km (12 miles) away from Toronto in the city of Mississauga. It is the country's busiest airport and sees more than 40 million passengers each year.
This not the first time it has made headlines this year.
In February, a Delta Air Lines flight from Minneapolis overturned at Pearson and caught fire after skidding along the runway. All 80 passengers survived.
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