Aaron Hernandez -- ARRESTED in Murder Investigation

New England Patriots tight end Aaron Hernandez has been ARRESTED in connection with the murder of a man whose body was discovered close to the NFL star's home.

Hernandez was taken into custody at his home in Massachusetts. He was handcuffed and led into a waiting police cruiser, which left the scene moments later ... presumably headed for a local police station.

The 23-year-old NFL star is reportedly set to be arraigned later today.

There are reports based on law enforcement sources that Hernandez destroyed evidence and could be charged with obstruction of justice. So far, no formal charges have been announced.

The move comes days after cops searched Hernandez's Massachusetts home ... looking for evidence connected to the murder of 27-year-old Odin Lloyd, an ex semi-pro football player.

Lloyd's body was discovered in a park in North Attleborough, Mass last Monday. It appears he was shot through the back of the head.

Lloyd's family says the NFL star does have a connection to Lloyd -- but they wouldn't elaborate. According to reports, Lloyd had been dating the sister of Hernandez's fiancée.

TMZ broke the story ... Hernandez is also facing a lawsuit stemming from a separate incident, in which he allegedly shot a man in the face following a dispute at a Miami strip club back in February.

Hernandez is a rising star with the Patriots and signed a 5-year contract worth $40 MILLION just last summer.