'Hardcore Pawn: Chicago' Stars Busted For Allegedly Re-Pawning Stolen Booty

4/7/2014 3:00 AM PDT

Two stars of "Hardcore Pawn: Chicago" were busted for allegedly stealing from the pawn shop where they worked and re-pawning the loot for gambling money ... according to store owners.

Jeremy Jackson and Karl Bell were arrested last month by Chicago cops and charged with one count each of felony theft.

The owners of Royal Pawn Shop -- where the show is taped -- told us they called the cops after noticing Rolex watches, jewelry and other valuables disappearing from the store.

The owners say they became suspicious of the two men because they always had money for gambling ... even though Karl never seemed to win and Jeremy was just a part-time employee.

Police say the men looted the store out of more than $40K worth of goods ... and only some of it has been recovered.