Lieutenant Olson was shot and killed while attempting to arrest a suspect who was holed up in his house on West First Street with a gun. Lieutenant Olson attempted to resolve the situation peacefully, but was eventually forced to kick down the door. As he did so the suspect shot him with a revolver. Lieutenant Olson was able to return fire and kill the suspect.

Lieutenant Olson had been with the agency for 33 years and had been Chief from 1935 to 1939. He was survived by his wife and child.