Knight, 53, ran down 55-year-old Terry Carter and also struck and injured Cle "Bone" Sloan in the parking lot of Tam's Burgers in the 1200 block of West Rosecrans Avenue on Jan. 29, 2015. Carter was killed, and Sloan was seriously injured.
Wearing an orange jumpsuit and shackles in court, Knight agreed to give up his right to a trial and pleaded no contest to the charge against him, just days before his trial for murder was set to begin. Jury selection was set to begin Monday.
The fatal confrontation, which was captured on dramatic surveillance video, occurred near a filming scene for the movie "Straight Outta Compton," the origin story of the rap group N.W.A.
The footage shows Knight put his truck in reverse, first knocking over Sloan. He then drives forward over Carter, killing him. Knight was out on bail in a robbery case at the time, but was later arrested after he fled the scene.
Knight's attorneys argued he was acting in self-defense.
Knight had claimed he was trying to flee the scene in his truck, contending that Sloan -- who was working security for the film set -- was armed with a gun.
Knight's attorney at the time, Matthew Fletcher, said the graphic video exonerated him.
"100 percent it proved that Suge Knight was attacked," Fletcher said. "You started a fight. You came with guns, and you came with grown men who attacked him."
The plea deal calls for Knight to serve 28 years in prison when he is sentenced Oct. 4. Six years were added because it is a third strike violation for Knight.
With the plea, Knight also resolves two other cases: making criminal threats and stealing a camera from a woman, an incident that occurred in September 2014. Those charges will be dismissed by a judge at sentencing.
Knight has prior felony convictions for armed robbery and assault with a gun. He pleaded no contest in 1995 and was sentenced to five years' probation for assaulting two rap entertainers at a Hollywood recording studio in 1992.
CORRECTION: An earlier version of this story stated that Knight pleaded no contest to involuntary manslaughter.
City News Service contributed to this report.