Dennis Rodman -- I'm Chipping Away at Massive Child Support Bill

Dennis Rodman won't be thrown in jail for failing to pay over $200,000 in back child support -- because TMZ has learned the NBA legend finally struck a deal with his baby mama ... to pay her back ... kinda.

TMZ broke the story -- a Florida judge issued an arrest warrant for Rodman back in April after he failed to pay one of his baby mamas $179,000 in unpaid child support.

The judge later revoked the warrant when Rodman said he planned to fight the bill ... but set a court date earlier this month to address the issue. In the meantime, Rodman's $179,000 tab swelled to $253,000.

Rodman showed up to court -- with his longtime lawyers Bradford Cohen and Vanessa Prieto -- and we're told The Worm finally hashed out a deal with his ex. Which is good, because in Florida, deadbeat dads can get jail time.

Rodman's lawyers tell TMZ, he agreed to pay his ex $5,000 up front in good faith -- and slowly repay the balance in monthly installments. The judge was satisfied with the arrangement.

We're told Rodman still wants to get the principle amount lowered.