The incident happened Sunday afternoon as the hip-hop star, whose real name is Tauheed Epps, was walking with his entourage near downtown. The group was approached by three men, one of them holding a handgun.
The suspects took off with the rapper's cellphone and wallet, which had credit cards and an undisclosed amount of cash inside.
Police said one shot was fired and the alleged shooting reportedly got away in a gray sedan.
The Associated Press contributed to this report.