Gilbert Arenas is setting the record straight -- insisting he did not snitch on Chauncey Billups and Terry Rozier before their arrests ... saying their situation is on a "whole different level."
Arenas openly trolled Billups and Rozier after the NBA coach and Miami Heat player were busted by the FBI as part of a gambling investigation last week ... but he's adamant his antics were not an admission of a role in the whole scandal.
One example of Arenas' humor was a post on Instagram, where he was spotted carrying an "informant lunch" -- implying he ratted on Billups and Rozier.