In 2006, Carrion was a passenger in a Corvette that led deputies on a chase that ended in Chino. Deputy Ivory Webb fired three rounds at Carrion as he lay on the ground, hitting him multiple times.
The shooting was caught on tape by a witness.
Web was acquitted of attempted manslaughter and assault with a firearm. He was fired from the Sheriff's department.
The settlement comes just days before a civil trial was to begin in Los Angeles.
The San Bernardino County Board of Supervisors must still approve the settlement.