Both singers were attending a Harper's Bazaar event at The Plaza Hotel when their long-running feud turned physical and Cardi "lunged" at Nicki on the second-floor balcony - trying to "kick and punch" the rapper, according to an eyewitness.
The onlooker added to Entertainment Tonight that Nicki's security team were quick to step in and created a barricade between the pair, at which point "Bodak Yellow" star Cardi launched a shoe at her rival, while repeatedly screaming: "I will f**k you up!"
Following the brawl, Cardi was seen being escorted from the event, wearing only one shoe while sporting a large bump on her forehead just above her eyebrow.
Nicki appeared to have avoided any injuries as she was photographed making a hasty exit, and now sources have told TMZ.com that she has decided not to press charges against mother-of-one Cardi.
"Minaj was unscathed and nobody on her team was injured either, so she sees no reason to file a police report and carry on with the drama," an insider told the outlet.
Law enforcement sources added to TMZ that Cardi has also opted not to file a police report, as she apparently believes she was left with the bump on her head after being elbowed by one of Nicki's bouncers.
Following the argument, Cardi took to Instagram to shed some light on what had happened. Although she didn't mention Nicki by name in her foul-mouthed statement, Cardi appeared to hint that the rapper's comments about her one-month-old daughter Kulture, who she shares with Migos star husband Offset, were responsible for things kicking off.
"When you mention my child, you choose to like comments about me as a mother, make comments about my abilities to take care of my daughter is when all bets are f**kin off!! (sic)" the 25-year-old wrote.