Jermall Charlo Bag Thief Suspect Arrested, Jewelry Recovered

A woman suspected of jacking a Louis Vuitton bag filled with cash and jewelry from pro boxer Jermall Charlo has been arrested for grand larceny and criminal possession of stolen property ... TMZ Sports has learned.

Charlo was partying at Jay-Z's 40/40 Club in Manhattan early Sunday morning when he got into a fight with another group of people ... and left his bag unattended.

When he returned to gather the bag -- it was gone.

Sources tell us the bag contained a $15,000 diamond bracelet. a $75,000 championship ring, a $10,000 Cartier ring and more.

We're also told there was around $40,000 in cash as well.

Law enforcement sources tell us ... a 40-year-old Connecticut woman, Sarah Morin, turned herself in to police Tuesday morning after they asked the public for help identifying her.

We're told cops have recovered all of the jewelry -- but none of the cash.