Traci Bingham -- Takes it On the Chin Over Porn Shoot

Traci Bingham just learned a hard lesson about porn ... if you chicken out, it could not only cost you a fortune, it could even get you arrested.

The former "Baywatch" star signed on back in 2012 for a very explicit photo shoot which required her (and now we'll quote from the contract) "to pose for what is commonly referred to in erotica as a 'facial.'"

Traci took a $30K advance and then backed out of the shoot, so hotchicksonly.com then resolved to cream her in court ... which they did. They got a $180K judgment.

Traci didn't pay and blew off subsequent court appearances, so the judge issued a warrant for her arrest.

We reached out to Traci for comment – so far no word back.