Jon Reep -- winner of "Last Comic Standing" -- has been arrested on multiple counts of sexual exploitation of a minor ... TMZ has learned.

The comedian was arrested Friday after a grand jury indictment on second and third-degree charges, according to online jail records. The charges are defined in the state as relating to child pornography.

According to the Hickory Police Department, Reep has been charged with one count of second-degree sexual exploitation of a minor, and 9 counts of third-degree sexual exploitation of a minor.

Jon was taken into custody and his bond has been set at $260,000.

He was set to perform in Goldsboro, N.C. tonight at a comedy club ... needless to say, that won't be happening.

Reep posed for a mug shot wearing a gray T-shirt ... and based on his expression,

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