"Apprentice" producer and judge Donald Trump gave Velasquez her walking papers in Sunday night's episode after her team lost the challenge to organize a party to promote Crystal Light beverages.
Trump said a shortage of good Crystal Light signs at the bash contributed to the women's loss.
Velasquez was fired because she was responsible for the signage.
Still competing this season are comedian Arsenio Hall, rocker Dee Snider, one-time "Incredible Hulk" star Lou Ferrigno, magician/comedian Penn Jillette, "American Chopper" star Paul Teutul Sr., pop singer Debbie Gibson, comedienne Lisa Lampanelli, former Miss Universe Dayana Mendoza, singer and actress Aubrey O'Day and "Real Housewives of New Jersey" star Teresa Giudice.
The last person standing will receive a $250,000 check to be given to a designated charity.