11:38 AM PT -- Wanda just addressed the incident on Monday's show but would neither confirm nor deny whether her husband pulled out a gun and pointed it at Katt, citing legal reasons.

Wanda said Katt saw her outside the theater Saturday night and beelined it to her and started dissing her again. That's when Wanda says Lamorris told Katt to kick rocks, prompting Katt to respond, "I'll jump on your big ass too."

Katt Williams says he came face-to-face with an armed man looking for revenge -- the husband of a radio DJ he totally roasted on the air -- but the husband is calling BS on Katt's version of events.

You'll recall Katt joined V-103's 'Frank and Wanda' Friday and went OFF on a bunch of comedians, including Tiffany Haddish. During that same interview, Katt also roasted one of the hosts, Wanda Smith ... mocking her weight, wig and cooking skills.

Fast-forward to Saturday night ... Katt hit up the Atlanta Comedy Theater where Wanda regularly hosts. Wanda's husband, Lamorris Sellers, was also there and, according to a police report, had a verbal altercation with Katt. According to an off-duty police officer working security at the theater, he says Katt told him he ran to a grocery store next door after Lamorris pulled a gun on him and pointed it in his face.

Cops say they talked to Lamorris, who admitted to having a gun but denied ever pulling out the piece on Katt. Lamorris claimed the gun fell from his waistband while chasing Katt. Cops say surveillance video from the store shows Lamorris chasing Katt into the store, but does not show Lamorris holding a gun.

Cops say there were no independent witnesses and surveillance footage from the Atlanta Comedy Theater could not be accessed at the time. Katt said he did not want to press charges.