Naked Cowgirl BUSTED in New York City for Taking Photos for Cash

The woman who claims to hold the coveted title of original Naked Cowgirl -- was busted Wednesday night for snapping photos with NYC tourists ... and allegedly charging cash for them.

The pasty wearing, guitar strumming Naked Cowgirl -- real name Louisa Holmlund -- was doing her thing ... posing for photos with tourists in Times Square. But according to law enforcement sources she was also charging money for the pics ... without a valid license to do so.

We're told Holmlund was arrested, jailed, and released sometime Thursday.

Don't worry NYC ... Louisa is undeterred. This evening on Facebook she said, "I still have my pasties on and who cares about a little jail smell right? Let's get f**king naked ;)"