The crash occurred about 2:15 a.m. Sunday as he was traveling to his hometown of Conroe, the Houston Chronicle reported. Authorities said his truck left Old Highway 100 at a high rate of speed, flipped and rolled through a ditch and went through a gate to a private residence.
Bennett, who was captain of the first U.S. Olympic BMX team that competed in Beijing, was recently named to the BMX Hall of Fame. He earned the nickname "Butter" for his smooth style.
"He made it big-time and made good money and a great living, but he never forgot where he came from," said Keith Arnst, a family friend.
Bennett won three National Bicycle League titles and was the International Cycling Union's world champion in 2002, 2003 and 2007.
Favored to win Olympic gold in 2008, he encountered bad luck in Beijing when a Dutch rider went down in front of him early in a quarterfinal run and he crashed. After receiving medical attention for a dislocated shoulder, he qualified for the semifinals, where he finished sixth and missed the medal round.