The shooting followed a police surveillance operation in Co Wicklow and first reports said the shot man was seriously hurt.
Five men were arrested after the incident and police recovered a number of weapons, including a rocket launcher.
Also found at the scene was an assault rifle and two handguns.
The gunmen were understood to have set up a roadblock near Ashford on the main Wicklow-Dublin road in a bid to hold up a security van transporting cash. They were confronted by armed police and there was an exchange of fire, during which one of the raiders was hit. No police officers were injured.Reuse content