Faizon claims that Katt pulled a gun on him over a $50,000 debt.
Love tells us ... he was parking his car near Supperclub, when he saw Katt ... and they got into it over a $50,000 debt Katt allegedly owes him.
Love says, "Once the argument escalated, Katt went to his car to go get his gun to pull it out on me.” “Fortunately, one of my homeboys who was there took the gun out of Katt's hands."
Faizon continues, "Come to find out the gun he pulled out on me was not even loaded. My homeboy gave it back to him ... then we went in the club.”
After that, Katt Williams was arrested and later released, claiming he did nothing wrong.
Faizon goes on to say he's upset Katt would pull a gun on him, and also called the 5'4 comedian a punk. Hopefully these two can get past this, and move on to making more people laugh!