Police have arrested 19-year-old Dzhokhar Tsarnaev, who has been on the run since his older brother Tamerlan was killed in a shootout earlier today.

Dzhokhar's capture happened just before 9 p.m. ET on Franklin St. in Watertown, Mass. He has already been read his Miranda rights by the FBI.

"He is in custody, he is alive and we are going to prosecute him and bring him to justice," a police officer said, according to a witness in the neighborhood who spoke to ABC News.

Dzhokhar was found hiding in a boat in the backyard of a residence on the street Friday evening, according to numerous media reports.

Tsarnaev may have been bleeding and hiding in the boat parked in the backyard at 67 Franklin St. Watertown, MA.

A neighbor that spoke to ABC News Friday evening, said that the owner of the the house where the boat is parked heard some noise inside the boat and lifted the cover just to discover a person bleeding inside. Apparently he alerted police and gunshots were heard after that.

The finding is the end of a day-long national manhunt for the suspect of the bombings Monday that killed 3 people, including a young boy. His older brother Tamerlan Tsarnaev, 26 was killed in the early hours of Friday.

At 7 p.m. ET, CNN reported that gunshots were heard in the town of Watertown and that the suspect is cornered in a residence in the town.

Dozens of police cars were seen rushing into the area, along with military style vehicles speeding into the area. Police closed in on houses on Franklin Street. The street had been circled and one of the biggest manhunts in American history may finally came to a culmination tonight as the suspect was caught.

Over 30 gunshots are believed to have been fired, including shots from machine guns, which was heard just before the sudden rush of vehicles swarmed near the residence.

The city of Boston had been on lockdown all day Friday and the streets resembled that of a ghost town as the suspect was warned to be extremely dangerous and possibly armed with a suicide bomb or other explosives. Public schools were closed, mass transit shut down and no cars were on the road.

Dzhokhar and his brother are suspected of planting two bombs at the Boston Marathon on Monday, which detonated and killed three people while injured over 140 others. Tsarnaev's brother Tamerlan was killed Thursday night during a shootout with police.

The suspects killed police officer Sean Collier at the MIT campus last night. The shooting reportedly took place at 10:48 PM Thursday night. Shots were reportedly fired near Building 32 on the campus of the Massachusetts Institute of Technology in Cambridge, Massachusetts.

The FBI released pictures of the two suspects in the Boston Marathon Bombing and a surveillance video on Thursday and within 24 hours the suspects have been identified, with one being killed and another finally being captured alive.

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Boston bombing