Lil Wayne -- Crash and Burn in Private Jet Case ... Has to Cough Up Millions

Lil Wayne failed to pay one of his utility bills -- problem is, that utility is a PRIVATE JET -- and now he has to fork over $2 million!

Wayne lost a lawsuit from Signature Group, a company that leases private jets to the rich and famous. We broke the story ... Signature went after Weezy for missing payments during the first 2 years of a 3 year deal with the company.

According to the suit, Wayne had more than $1 million on his tab as of July 2014. For his part, Wayne claimed he never signed a contract with Signature.

The court disagreed, and ruled in favor of Signature. Since it's been a year since the suit was filed, the $1 million ballooned to $1.8 mil ... late fees are a bitch. Wayne also has to pay $200,000 in attorney's fees.

He is now free to move about the cabin.