Police have shot a man who was armed with a knife in the far north Queensland community of Cooktown.

His condition is not known.

Police said the man was in his 40s and officers administered first aid after he was shot.

"The man has been taken to hospital for treatment to his injuries. His condition is unknown at this stage," police said in a statement.

The shooting happened at a property on Savage Road about 9.45am on Tuesday.

The Ethical Standards Command and the Crime and Corruption Commission will investigate.

The ambulance service would not comment on the man's condition, directing inquiries to police.