The Gangsta's Paradise star, 52, has battled the lung condition for much of his life, and it flared up while he was onstage at Hill Country Barbecue Market.
He was handed an audience member's inhaler and was able to continue with his five-song set, reported New York Post.
"Coolio was having problems with his asthma, but someone from the audience provided him with their inhaler that he used between verses of Gangsta's Paradise, and his other songs," a source said.
The rapper has yet to comment on the incident.
The star, who hosts his own online cooking show, served up his Damn Hot Veggie Chili to attendees, while he also discussed his admiration for other celebrity chefs, including Paula Deen, who suffered a publicity crisis in 2013 after she was caught on tape using a series of racial slurs.