Chumlee from 'Pawn Stars': No Sex Assault Charges ... Plea Deal Struck for Guns & Drugs

Chumlee is dodging serious jail time in his drugs and guns case, and will NOT face any sex assault charges ... TMZ has learned.

The "Pawn Stars" cast member was busted back in March when Vegas cops raided his home during a sex assault investigation. TMZ broke the story ... cops say they found at least one gun as well as a bunch of marijuana.

According to docs obtained by TMZ ... the D.A. will charge Chumlee with felony possession of a firearm and felony possession of a controlled substance -- but the twist is ... his attorneys got him a sweet plea deal.

We don't know all the terms of the deal, but our sources say the big one is Chumlee will get probation and NO jail time. We're told the 2 felonies will eventually become misdemeanors once he completes probation.

As for the alleged sexual assault ... we're told police and Chumlee's attorneys, David Chesnoff and Richard Schonfeld, ran an exhaustive investigation. Both sides found there was not enough evidence to charge him.