Officer Jacobson was shot and killed while he and other officers attempted to arrest two burglary suspects. During the arrest on East 2nd Street one of the men produced a handgun and shot Officer Jacobson. Officer Jacobson and the another officer returned fire but did not strike the suspect, who escaped by swimming across the river. Both suspects were eventually apprehended and the shooter was charged with first degree murder.

The shooter was convicted of murder and sentenced to death. His sentence was later commuted to life. He was transferred to the Minnesota State Mental Hospital and died there on November 10, 1933.

Officer Jacobson was survived by his wife and four children.