Much better if you say: Lo siento, hablo poco español. Short, simple and easy. why? since if you say solo hablo un poco de Español then you could speak a bit spanish ONLY, no english, no other lenguages, etc etc

Hi Matt, the phrase "Lo siento, solo habla un poco de Español." is not completely wrong, but I think that you tried to say: "Lo siento, solo hablo un poco de Español". When you say "habla" you are referring to a third person, (Yo hablo, tú hablas, ella habla, él habla) therefore if you say "habla un poco de Español" people will understand that someone you know just speak Spanish a little, but that you are not talking about you. Hope this will be useful.

Lo siento, solo hablo* un poco de Español this is a better way to say it Disculpa, No hablo español