Rapper Jim Jones Arrested for Drug and Firearm Possession

Jim Jones is facing a handful of charges after he and friends led Georgia cops on a chase that ended with him getting busted for possession of drugs and a handgun ... TMZ has learned.

The NYC rapper was a backseat passenger in a car cops pulled over Wednesday night in Coweta County. According to the Sheriff's Dept., instead of stopping, the car accelerated and cops gave chase. During the chase, the car struck a deputy's vehicle ... and finally stopped.

We're told Jones and three others were in the car. After a search, deputies found marijuana, oxycodone, Percocet, vape cartridges, THC oil, 2 loaded pistols and cash ... which Jones called "just petty cash."

One of the pistols was stolen, according to cops. Neither Jones nor his friends admitted possession of any of the items ... but Jones said he had a prescription for the Oxy and Percocet pills. Jones also told cops he told the driver to pull over, but she was acting "incoherent."

Since no one claimed the paraphernalia ... everyone was busted. Jones was charged for possession of the stolen gun, possession of a firearm during commission of a crime and possession of narcotics ... all felonies. He also got a misdemeanor for the prescription pills not being in their original container.

Jones was released on $7,000 bail.