Denver Police were called to the 900 block of Bryant Street around 7 p.m.
A neighbor called police after hearing screaming coming from inside the home.
Officers made contact with the man, who made threats against police and his family.
"He threatened to kill them and threatened to kill the officers. He was acting very irrational," Cmdr. Patrick Phelan with the Denver Police Department's Special Operations Division said.
Officers attempted to negotiate with the man for 10 minutes to get him to surrender but he refused.
Police negotiators later spoke to the mother, who began pleading for help.
"At point she said, 'He's choking my son, he's choking my son.' At that point, to save the hostages we did a crisis entry, forced our way into the room and rescued the hostages, the wife and son, and apprehended the suspect," Phelan said.
When officers entered the home they heard a child's voice coming from the back bedroom and then heard a woman say, "He has a knife."
Officers then went into the bedroom and shot the man with the Taser before taking him into custody.
One officer suffered minor injuries during the entry.
The woman, child and the suspect were taken to the hospital to get checked out.
The suspect's name was not released.
"Very dangerous operation for the officers involved. Unbelievable situation. Officers did a tremendous job, just a tremendous job. Saved the wife and child," Phelan said.
(KUSA-TV © 2012 Multimedia Holdings Corporation)