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Gilbert Arenas -- Off-Roading In Maybach ... Blows a Tire (VIDEO)

It cost more than $350,000 when he bought it roughly 10 years ago ... but now, Gilbert Arenas has relegated his fancy Maybach to off-road duty ... and it SUCKS on the trails.

Mr. No Chill documented his luxury breakdown on Snapchat ... telling the harrowing tale of a Maybach that lost a paw on his ranch ... and the trusty hands that helped him get on the road again.

WARNING -- Gilbert definitely goes racist ... saying the guys who came to his rescue are "illegal Mexicans" who he's been hiding .