The two stated they struck an agreement on Friday but did not elaborate.
Ms Ventura stated in a joint statement with Mr Combs that she “decided to resolve this matter amicably on terms over which I have some level of control.”
“I want to thank my family, fans and lawyers for their unwavering support.”
“We have decided to resolve this matter amicably,” Mr Combs wrote. I wish Cassie and her family the best of luck. Love.”
Ms Ventura filed the case on Thursday, claiming that her ex-boyfriend, Mr Combs, had imprisoned her in a cycle of abuse and assault for a decade.
The rapper and record executive, popularly known as Puff Daddy, refuted the charges and accused the singer of attempting to extort him.
His lawyer called the allegations “offensive and outrageous.”
Ms Ventura’s lawyer, Douglas Wigdor, confirmed the settlement, saying, “I am very proud of Ms Ventura for having the courage to go public with her lawsuit.” She should be applauded for doing so.”
Ms Ventura said that the rapper raped and beat her for ten years, beginning when she was 19 and he was 37.
“After years of silence and darkness, I am finally ready to tell my story,” she said Thursday in a statement.
The lawsuit contained numerous explicit allegations of the severe assault she claims began after meeting the artist in 2005.
Mr Combs brought her to his record label, Bad Boy, and “plied the vulnerable Ms Ventura with drugs and alcohol, causing her to fall into dangerous addictions that controlled her life,” according to the complaint.
The lawsuit labelled the musician a “serial domestic abuser, who would regularly beat and kick Ms Ventura, leaving black eyes, bruises, and blood”.
In a statement to BBC News, Mr Combs’ lawyer said Ms Ventura had demanded $30m (£24m) “under the threat of writing a damaging book about their relationship”.
His lawyer, Benjamin Brafman, said the lawsuit was “riddled with baseless and outrageous lies” and the alleged demand “was unequivocally rejected as blatant blackmail”.
Ms Ventura’s lawyer, Doug Wigdor, responded to Mr Brafman by saying Mr Combs had offered her “eight figures to silence her and prevent the filing of this lawsuit.”
“She rejected his efforts and decided to give a voice to all woman who suffer in silence,” he went on to say.
Ms Ventura had multiple hits in the 2000s, including songs with Diddy.
Her most well-known songs include Me & U, Long Way to Go, and Official Girl, which features Lil Wayne.
