This did fix my problem, but I had to make a small adjustment to the code as it was also giving me an error. The following code works, thank you for the help.
The method Clone() returns an object which has to be cast back to IEntityFields2.
foreach(BuildItemEntity wheelItem in WheelBuild.BuildItem)
{
BuildItemEntity newWheelItem = new BuildItemEntity();
newWheelItem.Fields = (IEntityFields2)((EntityFields2)wheelItem.Fields).Clone();
build.BuildItem.Add(newWheelItem);
}