Police say the person shot was 22-year-old Joshua Johnson of W. 27th Street in Norfolk.
The officer injured in the incident remains in good condition with non-life threatening injuries.
The female suspect taken into custody has been identified as 21-year-old Virgie May Hairston of the 500 block of 26th Street.
She was charged with one count of conspiring to commit or assist in a larceny over $200.
She bonded out Tuesday morning and will have her first hearing on Thursday.
According to police, the incident happened around 2:40 p.m. Monday and involved the suspects attempting to negotiate a stolen check.
Norfolk Police say they were called to the bank and two police officers were dispatched and arrived on the scene at 2:45 p.m.
One officer parked and approached the vehicle from behind with his weapon drawn while the other officer pulled his patrol vehicle across the drive-through lanes of the bank, preventing the suspect's car from pulling forward.
Johnson placed the vehicle in reverse and accelerated, striking the officer who was approaching the vehicle from behind, causing injury to his leg.
The officer was thrown onto the trunk of the vehicle, where he stayed as the vehicle continued in reverse.
The vehicle continued to travel backwards and hit a concrete curb, traveled through a landscaped area, and struck a lamp post.
The second officer then fired his weapon at Johnson after fearing that the first officer had fallen behind or under the suspect's vehicle.
Johnson sustained several gunshot wounds and was pronounced dead on the scene.
Hairston was located on the front passenger floor of the vehicle and detained.
The injured officer was transported to Sentara Norfolk General Hospital where he was treated and released.
The second officer is on administrative leave, per standard procedure.