Police spotted the car driving on the R559 in the direction of Soweto.
When they tried to stop the car, the suspects opened fire on the police.
Makhubela said police returned the fire and a high-speed car chase ensued.
The car was eventually brought to a halt at a crossing in Protea Glen.
Two of the occupants were wounded and arrested and a third was declared dead on the scene.
Three firearms were recovered inside the car.
It was discovered that the Polo had been stolen in Lenasia South.
Suspect killed, two wounded in high-speed Joburg car chase
One person was killed and two others wounded when police intercepted armed men driving a stolen car on the R559 in Protea Glen, Johannesburg, on Monday.
Police spokesperson Capt Kay Makhubela said information was received about a group of men allegedly on their way to commit a robbery in Toekomsrus on the West Rand.
Makhubela said the information was that that the men would be travelling in a white Volkswagen Polo with fake number plates.
"The police placed themselves in strategic positions on the lookout for the suspects," he said.
Police spotted the car driving on the R559 in the direction of Soweto.
When they tried to stop the car, the suspects opened fire on the police.
Makhubela said police returned the fire and a high-speed car chase ensued.
The car was eventually brought to a halt at a crossing in Protea Glen.
Two of the occupants were wounded and arrested and a third was declared dead on the scene.
Three firearms were recovered inside the car.
It was discovered that the Polo had been stolen in Lenasia South.