Drake's Jewelry Heist Suspect Busted

The guy who allegedly nabbed $3 million in jewelry from Drake's tour bus just got arrested ... TMZ has learned.

The suspect, Travion King, was arrested on campus at Arizona State University Wednesday afternoon, and cops describe him as a transient.

Police say they found him with the briefcase which contained all of the jewelry. He's been booked for felony burglary.

As we first reported ... cops say the loot -- which belonged to Drake's DJ, Future the Prince -- was lifted from one of Drake's tour buses parked outside the Talking Stick Arena in downtown Phoenix.

We're told King has worked for the arena in the past for concerts ... but he was not working during Tuesday night's Drake-Future show.

We got video of Drizzy going off on someone on his security team after he learned about the heist.