Update: At 6:08 p.m. Thursday, RCMP said the incident concluded and there was no further risk to the public.
Cumberland House Cree Nation is approximately 440 kilometres northeast of Saskatoon.
People in the area were asked to stay inside their home and close and lock all doors and windows.
RCMP said firearms were being discharged from the home at 133 Pemmican Portage Avenue.
Tips and emergencies should be reported to 911.
Saskatchewan RCMP were on scene and the public was asked not to disclose police locations.
An earlier RCMP release sent at 1:18 p.m. Thursday said the suspect was a man seen walking and wearing a black ball cap and black jacket in the area of Pemmican Portage Avenue.
RCMP said he was believed to have a long-barrel firearm.
Drivers in the area were also asked to be wary of someone asking for a ride and police said they should not pick up hitchhikers.
According to a later news release sent by RCMP Friday at 3 p.m., a male got out of the residence around 4:50 p.m. and was arrested without incident. He was taken to the hospital for a medical condition unrelated to the incident. He told officers that another male was injured inside the house.
The critical incident response team entered the house and located the man who was then taken to the hospital by EMS where he was declared dead.
He has been identified as a 22-year-old male from Prince Albert. His family has been notified. Saskatchewan RCMP is not releasing his name.