The musicians - who are both nominated at the event - will join previously announced performers including Chris Brown, Jill Scott and Alicia Keys at the music ceremony later this month.
Lil Wayne, who recently penned a sequel to Eminem's hit track 'Stan', has been recognised in five categories including 'Video of the Year'.
He will go up against Drake in other groups including 'Viewer's Choice', 'Best Male Hip Hop Artist' and 'Best Collaboration'.
Chris Brown leads the nominations for the annual event with recognition in six categories, while other nominees include Rihanna, Kanye West, Willow Smith and Cee Lo Green.
Patti LaBelle will be honoured with the 'BET Lifetime Achievement Award' in recognition of her five-decade career, while Steve Harvey will receive the 'Humanitarian Award' in honour of his philanthropic work.
Kevin Hart will host the event, which airs live from the Shrine Auditorium in Los Angeles on Sunday, June 26 at 8/7c.
Listen to Lil Wayne's 'Stan' sequel 'Anne' below: