Rapper YG Is Arrested . . . For "SNATCHING A CHAIN' . . . And Running In Las Vegas!!!

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Rapper YG is rich and famous - but he was locked up last night for chain snatching in La Vegas Police claim that the Los Angeles rapper stole a man's diamond chain inside the Cosmopolitan hotel in Vegas. And they got it all on tape.

According to multiple reports, "The arrest reportedly happened yesterday as the source writes there is available video footage that shows YG yanking the gold chain off of a man, dropping it and then picking it up before he took off. According to the publication, the value of the jewelry is somewhere between $3K and $9K. Young Gangsta was present in a Las Vegas courtroom yesterday to address the situation after a warrant was put out for his arrest." 

Here's how TMZ is reporting that it went down:

In late May at the Cosmopolitan around 4 AM,   a man approached YG and asked for a pic but was turned away by his crew. We're told the guy told YG he's not a real celeb ... and casino's surveillance footage shows YG retaliating by yanking a chain off his neck.

We're told the chain fell to the ground, and YG is then seen on video picking up the necklace pendant -- valued somewhere between $3,000 and $9,000 -- before taking off.

But there's ore to the story. The guy who YG robbed is also suing the rapper for $250K. The victim claims that YG not only robbed him, but he ordered his goons to BEAT HIM UP.

YG was released on $20,000 bail.