1:04 PM PT -- Shawn Kemp has been formally released from jail, according to records.
12:19 PM PT -- The Pierce County District Attorney's office says Kemp is set to be released from jail. Charges will not be filed on Thursday.
He's not in the clear, however -- Kemp could still be charged as Tacoma PD has not completed its investigation.
Shawn Kemp allegedly wasn't the only one pulling the trigger during his parking lot altercation on Wednesday ... police responded to "two subjects firing shots at each other," according to dispatch audio obtained by TMZ Sports.
53-year-old Kemp was arrested for drive-by shooting following a dispute with another driver outside a Tacoma, WA shopping mall on Wednesday ... after cops say an altercation broke out between two cars around 2 PM.
As we previously reported, witnesses claim they heard gunshots prior to recording part of the incident on their phones ... although it was unclear whether Kemp -- who is shown aiming and shooting his weapon in the video -- was the only one to open fire.
According to police dispatch, witnesses claim Kemp fired 5-10 shots at the other vehicle during the incident ... and a revolver was found outside a Firestone Complete Auto Care.
Our footage shows Kemp driving around the parking lot and dumping something near a bush outside the car shop ... and cops later found a weapon at the scene.
Sources tell Fox 13 Kemp was acting out of self-defense ... and he was attempting to retrieve stolen property when someone opened fire on him first.
Kemp was booked for felony drive-by shooting at 5:58 PM at the Pierce County Jail.
Cops say no one was injured ... and the incident is under investigation.
Originally Published -- 9:18 AM PT