Ray J Arrested After Allegedly Pulling Gun on Princess Love During Live Stream

8:47 AM PT -- Law enforcement sources tell TMZ Ray J has been arrested and is currently in custody at a Los Angeles-area jail. He was booked on a charge of making a criminal threat, and his bail has been set at $50K.

Ray J allegedly pulled a gun on Princess Love and threatened to kill a man during a completely unhinged live stream ... and the whole incident was caught on video.

The chaos erupted early Thursday morning, when Ray went live from inside his home -- immediately ranting that he was having "the worst Thanksgiving in the f***ing world," claiming someone was trying to take his kids and that he was also being threatened.

Things spiral instantly ... with Ray J appearing to snatch a handgun off the table and load the pistol, saying, "If these n***as step foot close to this door I'm going to blow this f***ing sh*t away, bro."

He storms off camera ... and moments later he's seen yelling at someone off-screen -- ordering them to get out of the house and accusing them of  "trespassing."

Princess Love then walks in, saying she's taking their kids.

That's when everything blows up. Princess, appearing to be holding their daughter Melody, accuses Ray of pointing a gun at her -- repeatedly telling him "you pointed a gun at us," as Ray fires back, saying she and her cousin are drunk.

Princess claps back, calling Ray a "woman abuser."

Seconds later, a woman and a man enter ... the man confronts Ray, which triggers an explosion -- with Ray snapping, "I'll shoot the f*** out of you."

The camera gets set down as the audio keeps rolling ... and it sounds like Ray J continues threatening the man, shouting, "I'll kill you," followed by "Get out of my house before I shoot you right now. I got a gun on me."

Crying from a child can be heard ... as police sirens approach in the background. From the audio, it appears officers arrive and begin securing the scene -- describing the home layout over their radios.

It also sounds like Princess is speaking to an officer and explaining what happened -- at one point saying, “My son told me there was a gun on the table” -- but the audio is muffled.

Law enforcement sources tell TMZ ... cops got a call around 4 AM to a residence in Porter Ranch. We’re told the call came in as a possible domestic violence incident involving threats. Officers arrived, cleared the residence, and took the suspect into custody.

We reached out to reps for Ray J and Princess Love ... so far, no word back.