A Peterborough, Ont., police officer is in stable condition following a gunfight in a central Ontario town in which he was shot and another man was killed.

Keith Calderwood, a constable with the Peterborough Lakefield Community Police Service, was shot in the leg and chest while executing a search warrant in Lindsay, a small community about 130 kilometres northeast of Toronto.

Peterborough police said Calderwood, 37, was rushed to a local hospital after he was shot at about 11:20 a.m. He was then airlifted to Toronto's St. Michael's Hospital, where he is in stable condition.

Calderwood, a married father of two young girls and a boy, is a seven-year veteran of the Peterborough police service and an active member of the community.

Police Chief Murray Rodd told reporters that Calderwood's wife Carrie was with him in hospital, and was grateful for the public's support.

"We have done everything to ensure that his family is supported through this trying time," he said.

"It is very clear that this was a bad day for our service. We are very grateful that our member is in stable conditions and in good hands."

Calderwood volunteers for a number of local charities including Pedal for Hope, an event that raises money for children fighting cancer.

Calderwood, nicknamed "Caldzy," has also sat on the Big Brothers and Big Sisters of Peterborough board of directors and helped run the "Kids ‘n' Kops' week-long summer camp for children between seven and 13 years of age.

The Peterborough Lakefield Community Police Service said Calderwood was shot during an investigation at a Lindsay home, but would not discuss what led police to the address.

The address is reputed to be well-known for drug activity.

"Our police service was involved in a joint investigation with the Kawartha Lakes Police Service earlier this morning. As a result of that there was shots fired and our officer was injured and transferred here," Staff Sgt. Dan Smith told reporters outside Toronto's St. Michael's Hospital.

"This is one of the things in policing that we have to deal with on a daily basis, unfortunately. Fortunately our officer should recover."

Lindsay is in the Kawartha Lakes area about 130 kilometres northeast of Toronto and about 40 kilometres west of Peterborough.

A male suspect was shot and killed in the incident. Five other people were arrested at the scene.

The area around the building, near Georgian and Melbourne Streets, was cordoned off Wednesday afternoon.

Frank Phillips, a spokesman for Ontario's Special Investigations Unit, confirmed they have been called in to probe the incident surrounding the shooting.

"There was obviously an interaction between an individual and the police and we've been called," said Phillips.

The SIU is called in any time there is a death, serious injury or allegation of sexual assault involving police in the province.

With files from The Canadians Press