Knocking off bigs and stealing shines
This could indeed be a shot or “secret indictment” of Diddy for supposedly killing The Notorious B.I.G. and taking Biggie’s shine. Also, it refers to Shyne, also a (former) Bad Boy artist who covered for P. Diddy and got the short end of stick.
Continuing on the last two lines, a more literal interpretation is Lupe is knocking off the big players in the rap game and stealing their shine.
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