Marcus Camby -- In the Clear After Pot Arrest

NBA star Marcus Camby is off the hook in his pot arrest ... TMZ has learned, he won't be prosecuted.

As we previously reported, policed pulled Camby over in Pearland, TX last month for an equipment violation -- and noticed the car reeked of marijuana.

Cops claim they found pot -- less than 2 ounces -- so Camby and his passenger were arrested.

But now, Camby's lawyer Randall Novak tells TMZ ... prosecutors have assured him Marcus won't be prosecuted for drug possession ... because the evidence only implicated the passenger.