EXCLUSIVE

7:25 AM PT -- Police tell us Fabolous surrendered around 8:30 PM Wednesday, and was booked for 2 felonies ... aggravated assault and making a terroristic threat.

Fabolous was arrested Wednesday night after allegedly assaulting his baby mama, "Love and Hip Hop" star, Emily B ... TMZ has learned.

Multiple sources, connected to the couple and in law enforcement, tell us Fabolous turned himself in to cops in Englewood, NJ -- where he and Emily live. We're told Emily first contacted police, telling them Fabolous had hit her.

The rapper was accompanied by his attorney when he went to the police precinct. We're told he did not spend time in jail ... instead, he was cited for the alleged incident and given a ticket for his court appearance.