Police have shot a knife-wielding man during an incident at Cooktown this morning.

Police were called to a property on Savage Street just before 10am to reports of a disturbance.

Police were allegedly threatened by the armed man before an officer discharged their firearm, shooting the man.

Police administered first aid to the man before he was transported to Cooktown Hospital for treatment.

The 40-year-old man has not been charged with an offence at this stage.

The Ethical Standards Command has commenced an investigation into the incident which will be overviewed by the Crime and Corruption Commission.

If you have information for police, contact Policelink on 131 444 or provide information using the online form 24hrs per day.

You can report information about crime anonymously to Crime Stoppers, a registered charity and community volunteer organisation, by calling 1800 333 000 or via crimestoppersqld.com.au 24hrs per day.