The hip-hop businessman, 44, had been going through a turbulent divorce at the time of his death.
He was also struggling financially, allegedly owing around £3million to the IRS.
US reports claim Lighty shot himself following a heated row with his estranged wife Veronica.
Police sources say he declared “I’m tired of this” after the bust-up before killing himself.
In a statement, 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 adviser who helped me develop as an artist and businessman.
“My prayers are with his family. He will be greatly missed.”
Stars took to Twitter with shock and sadness to the news. Rihanna wrote: “Rest peacefully Chris Lighty, my prayers go out to family and loved ones! Dear God please have mercy.”
Nicki Minaj wrote: “Another tragic & inconceivable loss for the culture. #RIPChrisLighty.”
Lighty, who is survived by two children, was an established player on on the hip-hop scene. In addition to 50 Cent, Diddy and Carey, he also worked with stars such as Ja Rule, LL Cool J and Busta Rhymes.
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