Another two officers, understood to be a man and woman, were wounded when at least two gunmen opened fire as police arrived at the rural property at Wains Road in Wieambilla at 4.45pm on Monday.
Police returned fire but it is understood two officers were fatally shot, sources told AAP.
An officer injured in the initial burst of gunfire was able to escape.
"Despite sustaining serious injuries, he has escaped in one of the patrol cars and been able to raise the alarm," a police source told AAP.
The second wounded officer was later located, and both injured officers were transported to the hospital in unknown condition.
The gunmen remain on the run and are understood to have taken police communication equipment, allowing them to track police movements as the manhunt continues.
The officers were understood to have attended the property to investigate reports of a missing person.
An emergency declaration remained in place on Monday evening for the Wieambilla area and Wains Rd is closed to the public.
Residents within Chinchilla Tara Road, Wieambilla Road, Bennetts School Road and Mary Street have been told to stay indoors until further notice.
The Queensland Ambulance Service is on scene, while two LifeFlight helicopters and the Rescue 500 chopper have been sent to the area.
Specialist police have also been deployed.
The Wieambilla region is a known black spot for communications.
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