No was injured in the incident, which occurred at 1:45 a.m. Monday at Del Amo Boulevard and Orange Avenue.
The suspect used bear spray on the driver, and the irritant entered the car because the windows were down, exposing three people inside, police said.
The victim was wounded around 10 a.m. after an argument, police said. He is expected to survive.
According to police, the road rage started as the vehicles were traveling eastbound on Spring Street and prompted the shooting.
After a crash on the 605 Freeway, the man beat the other driver with a tire iron, leaving her with major injuries, according to the CHP.
The suspect was released on a $30,601 bond Friday morning.
In a video, the man can be seen yelling at the other two men in the silver Jeep, and appears to show the large knife to the men and lick it before putting it down.
He was sentenced to two years of probation, a $150 fine and 13 hours of community service, according to court records.
The driver who recorded the road-rage video posted it online soon after it happened saying he feared for his safety.