Knight had gotten into a fist fight with Cle "Bone" Sloan, who was used as a consultant for the N.W.A biopic "Straight Outta Compton".
Knight has reportedly been experiencing health issues in recent years and told the judge he expects to die in prison. Knight claimed that he unintentionally ran over Carter and hit another man while trying to escape because he thought the men were going to shoot him.
Knight fled the scene, but the incident was captured on surveillance video. Jury selection for his trial, which could have led to a life sentence, had been scheduled to begin Monday.
The 53-year-old, born Marion Knight, was originally charged with murder after he ran over Terry Carter, a hip-hop record label owner, after an altercation in the parking lot of a hamburger restaurant in Compton, Calif.
Last year, Knight was indicted on charges of "threatening death or bodily injury" against Staight Outta Compton director F. Gary Gray.
The vehicle is then seen zooming forward, back into camera range, running over Sloan a second time, and then running over a second man, Carter, a former rap music label owner.
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He will be formally sentenced to 28 years in prison in October.
Knight's attorneys had argued he was fleeing armed attackers.
By entering his plea, Knight also will resolve two other pending criminal cases.
His attorney Albert DeBlanc Jr., appointed by the court five months ago, was his 16th, and Knight tried to fire him and get yet another lawyer just a day before the deal was reached. Knight lost control of the company after it was forced into bankruptcy. He is expected to be sentenced to 28 years in state prison on the charge.
Death Row Records launched stars such as Snoop Dogg and Tupac Shakur but collapsed in 1996 when Knight was jailed for violating a probation order by beating up a rival in Las Vegas.