'Love & Hip Hop' Star Arrested For Identity Fraud

"Love & Hip Hop: Atlanta" star Karen King was busted for scamming a person's identity for financial gain ... and there's video of the arrest going down.

Karen was arrested Monday night moments after arriving at an 'LHHA' promotional appearance at Level V in Atlanta. Her appearance there had been heavily promoted, so police were ready and waiting to arrest her for the alleged identity theft that went down last year.

According to docs, King walked into the Saks Fifth Avenue in ATL, and bought $4,946.52 in merchandise under someone else's name. Cops think she was in cahoots with the employee who rang up the purchase.

According to the arrest record, Karen was booked for financial identity fraud, theft and first degree forgery.

We've reached out to her camp, so far no word back.