Keith Pennicott-Bowen will take over the Robins with immediate effect, continuing the work that Carpenter has started.
Carpenter took charge at Larges Lane in the summer, replacing the managerial duo of Steve Nebbett and Danny Olpihant.
It was a frustrating period in charge for the ex-Robins boss, who won just two games out of nine at Larges Lane.
A mixture of injuries and squad availability was a tough test for Carpenter, but his side showed what they can do when they ran out 3-0 winners at Ascot United.
Carpenter leaves Bracknell in 12th place in the Hellenic Premier Division.
Chris Day, Chairman of Bracknell Town, said: “Ed is a great manager and a great guy.
"He has been unfortunate to work in such difficult circumstances. We thank Ed for all of his efforts.” Pennicott-Bowen will take charge immediately, with a trip to Abingdon United on Saturday (3pm) in the Hellenic League Premier Division.
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