January 29, 2015 09:25 PM

Rap mogul Marion “Suge” Knight was arrested on suspicion of murder early Friday morning after he was allegedly involved in a fatal hit-and-run. The incident reportedly occurred following an altercation on a film shoot in the Los Angeles area Thursday.

He is being held in lieu of $2 million bail, according to the Los Angeles Times.

Knight, 49, turned himself in for questioning by Los Angeles County Sheriff’s homicide detectives around 12:30 a.m. The interview lasted about three hours.

Knight was reportedly riding a vehicle when it struck and killed a man in Compton. It has not been confirmed whether Knight was behind the wheel.

Los Angeles County Sheriff’s Deputy Grace Medrano confirms to PEOPLE that at around 2:55 p.m. Thursday, “two pedestrians were hit by a vehicle” at the 1200 block of West Rosecrans and “were transferred to a local hospital.” One was pronounced dead at the hospital, while the second victim’s condition remains unknown, says Medrano, who did not disclose the victims’ identities and could not confirm whether Knight was in the vehicle.

“We can’t determine whether it was accidental or intentional,” Medrano says.

“We are confident that once the investigation is completed, he will be totally exonerated,” Knight’s attorney James Blatt told the Associated Press by phone late Thursday.

A law enforcement source tells PEOPLE that the deceased victim was Terry Carter.

Knight, who cofounded Death Row Records, was supposedly visiting the set of a film project starring Dr. Dre and Ice Cube, TMZ reports, when he allegedly got into a brawl with two men.

According to the site, the music mogul then rushed into his vehicle, and, while it was backing up, fatally struck Carter, who was supposedly making his way to the passenger’s side of the car when he was hit.

“He ran over Terry after he was fighting with a couple of the guys at the movie shoot,” the law enforcement source tells PEOPLE. “He and Terry were friends.”

The Sheriff’s Department is investigating the case as a homicide, the source says.

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