Tyson Foods Inc. settled withU.S. regulatorsover allegations that it paid bribes to meat-processing plant inspectors in Mexico.

The Springdale, Ark.-based maker of prepared foods agreed to pay more than $5 million in penalties to the Securities and Exchange Commission and the Justice Department. It entered into a deferred-prosecution agreement that charges Tyson with conspiracy and substantive violations of the Foreign Corrupt Practices Act, a 1977 law that bans bribery of foreign officials. However, the agreement allows...