The Caledonia Police Dept. posted an update into their investigation -- which they say isn't done yet -- but based on what they've found so far ... they feel confident saying the officer who was caught on video tossing a baggie into the back seat is being wrongly blamed.

The Chief of Police, Christopher Botsch, says the car was pulled over for speeding in a 45 MPH zone, and after the front seat passenger refused to ID himself -- and finding the rear passengers weren't wearing seat belts -- the cops apparently decided to conduct a search.

CPD uploaded portions of two body cameras from what appears to be 2 different officers -- the first shows the cop in question being handed a little baggie -- which the department says was an empty "corner tear" -- by another officer who was checking it out and then going back to the car and throwing it back in ... which is where the OG video picks up.

The police say that little baggie -- which, again, they say was not illegal in and of itself since it was empty, albeit indicative of drugs -- was found when they searched one of the rear passengers, something they say you can see in a second body cam video they uploaded.

Since there was nothing in it, CPD says the cop essentially discarded it back into the car, which they say probably wasn't a great idea, but note ... nothing sketchy happened. Their video also shows the convo that happened after ... something GlockBoy Savoo's didn't.

Caledonia Police say there's over 6 hours of footage to review since there were four officers present -- so they say they're gonna need more time to get the full picture. However, they reiterate that thus far ... it doesn't appear as if anything criminal was done -- on either end.