Because of the type motor used in the Tread+, the machine needs a higher ground clearance than typical treadmills.
Robert Adler, Acting Chairman of the CPSC, said: "The agreement between CPSC and Peloton is the result of weeks of intense negotiation and effort, culminating in a cooperative agreement that I believe serves the best interests of Peloton and of consumers.
"I would like to thank the CPSC technical staff who have worked tirelessly to protect consumers and to warn the public. Today we have taken steps to prevent further harm from these two products."
The company has yet to respond to a BBC request for clarity over how the recall might affect sales outside the US.
However, the PA news agency said a Peloton spokesman confirmed that the recall also related to the Tread in the UK.
In the US, the Tread was only sold as part of a limited invitation-only release from about November, 2020 to about March, 2021 and the company's statement said it "is currently working on a repair to be offered to Tread owners in the coming weeks".
But the statement does not mention Tread repairs outside the US.