3:45 PM PT -- TMZ has obtained the arrest report for Valerie Mason, and it sounds like no drugs were actually found on her.

According to the report, officers made a traffic stop for a car that had a busted taillight, in which Valerie was riding shotgun. When the guy who was driving couldn't provide ID, he was searched and police say they found drug paraphernalia in his pocket that is usually associated with meth.

Officers asked Valerie and another guy who was in the back seat to step out as well, and upon further investigation ... cops say they found 2 grams of suspected methamphetamine in a container in the passenger door panel. Police say they also found a hypodermic needle cap in the back seat.

Cops say all three people, including Valerie, denied ownership of the drugs found.

Valerie Mason -- a former Playboy Playmate, who was featured on "The Girls Next Door" -- was arrested for drug possession in the South ... specifically, for meth.

Law enforcement sources tell TMZ ... Valerie was picked up by cops late Friday night in Ouachita Parish, Louisiana -- where she was transferred to the local jail and booked for possession of a controlled dangerous substance (a schedule II drug) ... which is a felony.

We're told cops found meth when they arrested her. Per jail records, Valerie is no longer in custody -- she was released the next day on a $3,000 bond.

Valerie was a Playmate of the Month back in September 2008. Her centerfold debut was documented in the E! reality series, 'GND,' as she moved into the Playboy Mansion with Holly Madison and Hugh's other girlfriends. She appeared in 5 episodes between '08 and '09.

According to Playboy, Valerie doesn't come from a modeling background. She submitted photos of herself on a whim and got recruited by Holly herself ... who invited her out to do a test shoot.

We've reached out to Valerie for comment ... so far, no word back.