Quavo and a famous jeweler are cool with each other again ... because an alleged $10k debt that led to a beatdown was all just a big misunderstanding.
Sources close to Eric the Jeweler tell TMZ ... he and the Migos rapper met a few hours ago to put their beef behind them -- and Quavo took care of the debt that was owed.
Eric cleared the air online too, saying he's not suing or pressing charges against Quavo over the story we broke about a post-Grammys fight that left the jeweler battered and bloody. Good news for the rapper ... since NYPD was ready to arrest him for it.
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Eric adds ... "It was all just a big misunderstanding. We are on good terms and back to conducting business as usual!"
No word yet if Offset will get the same treatment ... since it was allegedly his fault to begin with.