Knight, 49, who was picked up in Las Vegas, could get 30 years to life in state prison if convicted due to his prior for assault with a deadly weapon, prosecutors said.
A police source said the alleged theft took place near a building on North Canon Drive, where a studio named FilmOn is located, on Sept. 5.
The founder of the studio, Alki David, argued that the alleged victim - identified in court papers as celebrity photographer Leslie Redden - started the spat.
"Katt was attacked by a mad woman with a camera," David told the Daily News. "A girlfriend of Katt's quite rightly defended him, but there was no actual altercation."
Knight, the former head of Death Row Records, was charged with one count of second degree robbery in the new case, an offense considered a violent felony.
Williams, 41, faces the same charge and was arrested Wednesday morning after he arrived at an Inglewood court for arraignment in a separate assault case dating back to July, prosecutors said.
The July incident involved a male victim who claims he was pepper sprayed by Williams at LAX airport.
Prosecutors will ask that bail be set at $1 million for Knight and $75,000 for Williams.
Williams faces up to seven years in custody if convicted, authorities said.
The alleged run-in with Redden took place a little more than a week after Knight was released from Cedars-Sinai Medical Center following a nightclub shooting that left him riddled with multiple bullet wounds.
The unsolved shooting took place Aug. 24 inside a party at 1Oak hosted by singer Chris Brown.
The new felony robbery case remains under investigation by the Beverly Hills Police Department.
Arraignment information was not immediately announced Wednesday as Knight was in another jurisdiction.