Police have cordoned off a 200-metre area around the station
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A man has been shot dead by police at Stockwell Tube station in south London, as officers hunt four bombing suspects.
Police are also searching an address in London's Harrow Road. Resident Patricia Osbourne said she heard six shots.
Scotland Yard said the raid was one of several taking place in the city after Thursday's attempted bombings.
BBC correspondent Danny Shaw said there were unconfirmed reports police had said the man shot at Stockwell was the Oval bomb suspect.
Passenger Mark Whitby told BBC News he had seen a man of Asian appearance shot five times by "plain-clothes police officers" with a handgun.
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 They pushed him to the floor, bundled on top of him and unloaded five shots into him 
Witness Mark Whitby
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BBC correspondent Graham Satchell, at the Harrow Road incident, said the focus of the large police presence appeared to be an internet cafe.
As well as armed officers in body armour, there were about seven police vehicles and an ambulance, he said.
People in the area were "nervous", he added.
Station evacuated
Police have cordoned off a 200-metre area around Stockwell station. The incident followed four attempted bombings in the capital on Thursday at Oval, Warren Street, Shepherd's Bush stations and on a bus in Shoreditch in east London.
Passengers were evacuated from Stockwell station, which is on the Northern Line and Victoria Line.
Teams of forensic officers are working inside the station, and police helicopters are hovering overhead.
Services on the Victoria and Northern lines were suspended following a request by the police.
Mr Whitby, told BBC News: "I was sitting on the train reading my paper.
"I heard a load of noise, people saying, 'Get out, get down!'
"I saw an Asian guy run onto the train hotly pursued by three plain-clothes police officers.
'Bomb belt'
"One of them was carrying a black handgun - it looked like an automatic - they pushed him to the floor, bundled on top of him and unloaded five shots into him.
"I saw the gun being fired five times into the guy - he is dead," he said.
BBC Home affairs correspondent Margaret Gilmore said officers had challenged a known suspect they had been following.
"He ran, they followed him. They say they gave him a warning, they then shot him.
"They brought in the air ambulance. They did everything they can to revive him. He died at the scene."
Police had warned they would shoot to kill if they believed somebody to be a threat, she added.
BBC crime correspondent Neil Bennett said the suspect was being followed as a result of CCTV footage seen by officers investigating Thursday's explosions.
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It's vital the police give a statement about what occurred and explain why the man was shot dead
Muslim Council of Britain
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The Muslim Council of Britain said Muslims were concerned about a possible "shoot to kill" policy.
Spokesman Inayat Bunglawala said: "There may well be reasons why the police felt it necessary to unload five shots into the man and shoot him dead, but they need to make those reasons clear.
"It's vital the police give a statement about what occurred and explain why the man was shot dead."
Another passenger on the train, Anthony Larkin, told BBC News the man had been wearing a "bomb belt with wires coming out".
"I've seen these police officers shouting, 'Get down, get down!', and I've seen this guy who appears to have a bomb belt and wires coming out.
"People were panicking and I heard shots being fired."
The man burst in through the door to my right and grabbed hold of the pole and a person by the glass partition near the door
Former Flying Squad officer, John O'Connor, told BBC News: "The man shot must either be one of the bombers or a potential suicide bomber."
Bombers "don't always carry sports bags" and the man could easily have been wearing a bomb belt, he added.
If he had been challenged by police and failed to stop they "have not got a lot of alternative", Mr O'Connor told BBC News.
Officers would be trained to aim for the head as shots to the torso could trigger a hidden explosive device, he added.
Londoner Dan Copeland was in the carriage in which the man was shot.
He told BBC News: "We were sitting for a few minutes on the platform, then we heard shouting from the concourse between the two platforms.
I worry about travelling on public transport. We have just got to get on with life
"Then the man burst in through the door to my right and grabbed hold of the pole and a person by the glass partition near the door, diagonally opposite me.
"An officer jumped on the door to my left and screamed, 'Everybody out!'
"People just froze in their seats cowering for a few seconds and then leapt up.
"As I turned out the door onto the platform, I heard four dull bangs.
"I ran past an armed officer who was standing on the platform and ran up the stairs."
After Thursday's London blasts, the bombers fled when detonators went off, causing small blasts, but failed to detonate the bombs themselves.
A massive hunt is under way for the men. Analysts believe evidence from the four scenes could throw light onto the bomb attacks carried out on 7 July.
The attempted attacks caused travel chaos across the capital, with several lines closed and Tube stations evacuated.
Scotland Yard commissioner Sir Ian Blair said the attacks had been intended to kill people.
