Remember, Thomas was initially FURIOUS when he saw the trophy from the 1984 All-Star Game was up for sale on the Heritage Auctions website ... claiming it was stolen property.

Here's the backstory ... Thomas claims he loaned the MVP trophy to his old high school to display -- but some jerk snatched the item back from the campus in June 2020.

"This trophy was stolen from St. Joseph High School the night Mr. Pingatore my coach died," Thomas posted on Twitter ... "It belongs to me."

Heritage Auctions immediately pulled the item from auction and launched an investigation -- working with the Westchester Police Dept. to gather information.

The cops ultimately allowed H.A. to give the trophy back to Thomas -- and he's obviously thrilled.

"I am very happy that my 1984 NBA All-Star Game MVP Trophy has been returned to me, and I want to thank Heritage Auctions, the Westchester Police Department and St. Joseph High School for all of their hard work and professionalism throughout this process," Thomas said.

"This trophy is a special piece of memorabilia for me and my family, and it remains something that I am very proud of being awarded during my playing career."

As for Heritage Auctions, an official says "It came as a shock to discover the MVP trophy had been stolen from St. Joseph but we are pleased and proud to have been able to return the trophy to the man whose name is inscribed on the award."