'America's Next Top Model' Renee Alway -- Arrested ... Drugs, Guns and Burglary

A finalist from "America's Next Top Model" might be America's Next Top Inmate ... Renee Alway was arrested recently in connection to a six-hour stand-off with police ... who say she was packing heat.

It's a crazy story ... Renee -- who placed 3rd in Cycle 8 of the show -- was popped on June 28 in Palm Springs and slapped with A TON of charges, including suspicion of burglary, fraud, possession of narcotics, forged bills, and committing a felony while on bail* ... just to name a few.

Here's what happened ... Palm Springs PD says they got a call about a suspicious female lurking around a house that was supposed to be vacant. They responded and allegedly found Alway hiding in the garage with a gun.

Cops say they believed another person was also in the house -- a male, also packing heat -- and called in the SWAT team. SWAT entered and searched the home for hours, but concluded no one else was inside.

27-year-old Alway was booked and remains in jail. Bail is set at $150,000. She's due in court next week.

*NOT SO FUN FACT: Renee was also arrested on June 2 and charged with possession of drug paraphernalia, petty theft, and fraud. She plead not guilty, was released on bail -- and then ARRESTED on June 28th.