The rap mogul, is expected to survive, according to a Los Angeles County sheriff’s sergeant.
Another man, 32, and a woman, 19, were also shot at around 01:30 (0930 GMT) on Sunday morning at the 1 Oak nightclub, West Hollywood.
All three victims were treated at locals hospitals.
Knight, 49, who helped launch the careers of Tupac, Snoop Dogg and Dr. Dre has been shot before.
In 2005, he was struck in the leg during an MTV awards pre-party in Miami Beach.
Sunday’s shooting happened hours before MTV’s Video Music Awards, which will take place in Inglewood, California.
Chris Brown was in the building when the shooting took place but the singer was not hit by gunfire.
Hours later, he tweeted: “It’s disappointing that we as a society can’t have fun or enjoy ourselves without any altercations sometimes.”
MTV has said it had no affiliation or connection to the event.