Pelt was born in Copenhagen, the son of Hans Peter Pelt (died 1715) and Dorothea Kellinghusen (died 1732). In 1708, his father, who was originally from the Netherlands, obtained a license to establish Copenhagen's second sugar refinery. The sugar refineries were generally the most successful industrial enterprises in the country at the time. Pelt inherited a thriving sugar refinery business. It was originally located in Christianshavn but moved to Gammeltorv after the Copenhagen Fire of 1728. Pelt was active in the Danish Asiatic Company and served as a bank commissioner at Kurantbanken in 1759-74.