Ultimate Warrior -- No Criminal Charges After Alleged Man-Panty Heist

Ultimate Warrior won't face criminal charges after allegedly bilking a memorabilia dealer out of valuable wrestling merch ... including ring-worn wrestling trunks -- this according to law enforcement.

TMZ broke the story ... a sports memorabilia dealer named Christopher Elias filed a police report last week, claiming he paid Warrior $28,000 for the giant merchandise collection ... but Warrior never anted up.

Now, a rep for the Sante Fe Sheriff Department tells TMZ, they investigated the matter and can’t determine whether any fraud took place.

As a result, police have deemed the merch dispute to be a civil matter -- and the courts can handle it from here out.