UPDATE

8:47 AM PT -- Law enforcement sources tell TMZ Ray J has been arrested and is currently in custody at a Los Angeles-area jail.

Ray J allegedly pulled a gun on Princess Love and threatened to kill a man during a completely unhinged live stream ... and the whole incident was caught on video.

The chaos erupted early Thursday morning, when Ray went live from inside his home -- immediately ranting that he was having "the worst Thanksgiving in the f***ing world," claiming someone was trying to take his kids and that he was also being threatened.

Things spiral instantly ... with Ray J appearing to snatch a handgun off the table and load the pistol, saying, "If these n***as step foot close to this door I'm going to blow this f***ing sh*t away, bro."

He storms off camera ... and

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