Cops Have O.J. in Palm of Hand

CNN is reporting that Simpson was arrested at the Palms Hotel in his room. Also reported -- cops have found the weapons. Alfred Beardsley, a sports memorabilia dealer, says Simpson and his posse came into his hotel room -- Thursday night with guns drawn -- and took various personal items of Simpson's that Beardsley had acquired.

Beardsley told TMZ two men pulled guns on him during the alleged robbery. According to reports cops have seized two guns.

Story developing ...