Meat Loaf, 63, became enraged and launched into an expletive-laden tirade while accusing actor Gary Busey, 66, of stealing his art supplies in Sunday night's episode.
Busey was able to calm down the singer, who then admitted he was "so embarrassed" and "truly wrong" for his actions, TVGuide.com reported.
The show's two teams were challenged in the episode to create and sell their own works of art for charity.
Together, they raised a total of more than $1.6 million, which was donated to The Starkey Hearing Foundation and The St. Jude's Children's Research Hospital.
Despite the dramatic verbal altercation between Meat Loaf and Busey, it was former "Survivor" star Hatch who was sent home because he didn't raise enough money, TVGuide.com said.
Former teen idol David Cassidy, actress Lisa Rinna, model Niki Taylor and singer Dionne Warwick were eliminated earlier this season.