The 44-year-old was found with a gunshot wound to his head in his Bronx apartment in New York City.
The founder of Violator Management was found lying face-up with a gunshot to the head that appeared to be self-inflicted, the Ace Showbiz reported.
New York police spokesperson, Paul Browne, said there was a 9 mm handgun next to his body and no sign of forced entry.
Lighty was in the middle of divorce proceedings against his estranged wife Veronica. He was engaged in a heated argument with her outside his apartment in South Riverdale before he shot himself.
In addition to dealing with divorce battle, Lighty had financial woes. He reportedly owed more than USD 330,000 in state and federal taxes and USD 5 million to IRS.
He allegedly sold his apartment in Manhattan for USD 5.6 million to help clear his IRS liens.
His friends and colleagues in music industry today took to Twitter to mourn his death.
Rapper 50 Cent said, "Chris has been an important part of my business and personal growth for a decade. He was a good friend and advisor who helped me develop as an artist and businessman. My prayers are with his family. He will be greatly missed."
R&B star Rihanna tweeted, "Rest peacefully Chris Lighty, my prayers go out to family and loved ones! Dear God please have mercy."
Mary J Blige added in solemn note, "You never know what can send a person over the edge or make them want to keep living. Take it easy on people. We are so fragile."
"Another tragic & inconceivable loss for the culture. RIP Chris Lighty," Nicki Minaj posted.
P Diddy said he was "in shock."
Ludacris tweeted, "RIP Chris Lightly who always had the best energy every time I had an encounter with him. He will be missed."
