Attackers stole the officer's vehicle and service weapons before forcing their way into the military location, Sabq, a local online news agency, reported Thursday.
The officer, identified as Deputy Sergeant Abdullah Mashary Al Quraishi, is believed to have been on duty at the time.
"He was doing his job and managing road traffic on the Army road in the Taif district when he was stabbed by one of the assailants and was severely injured. He died as a result of his wounds," said a source cited by Sabq.
Al Quraishi was taken to the hospital, but later died of his injuries.
The armed attackers exchanged fire with the security men in the Taif city building.
One attacker is thought to have been detained wounded, but the other has fled the scene. Meanwhile, the Saudi authorities are still in pursuit of the second assailant.
There have also been additional injuries among security personnel, Sabq reported, but it didn't provide further details.
It is unclear the extent or the number of people affected.
Video footage shows police swarming the guard station on 60th Street.
The identity and motivation of the assailants are currently unknown. The Saudi Interior Ministry did not immediately respond to requests for comment.
Source: News Agencies, Edited by website team