The deal, which is subject to court approval, would resolve the carrier from its involvement in a legal case brought against a number of airlines related to collusion on fuel surcharges on cargo over a six-year period.
"Under the terms of the settlement agreement, Qantas will pay $26.5 million, which is based on Qantas' freight revenue to/from the United States," the airline said in a statement.
"Qantas must also cooperate with the class action plaintiffs."
In exchange, Qantas would be released from claims made by all class members who were direct purchasers of air cargo services to or from the United States between January 2000 and September 2006, it said.
In 2007 Qantas was fined $61 million by the US Justice Department for price fixing in the air freight industry and the airline said it was committed to cooperating fully with global antitrust regulators on improper conduct in its freight division.
Qantas has also already resolved its liability in Australia, Canada, South Korea and Europe over the price-fixing.