12:31 PM PT -- Tom Craig just addressed the arrest to reporters ... and said he's sorry for what he did, especially embarrassing his loved ones and teammates.

"I'd firstly like to apologize for what has occurred over the past 24 hours," Craig said on Wednesday. "I made a terrible mistake and I take full responsibility for my actions."

"My actions are my own and in no way reflect the values of my family, my teammates, my friends, my sport and the Australian Olympic Committee. I've embarrassed you all and I'm truly sorry."

Australian field hockey player Tom Craig has found himself in some trouble while out in Paris ... he's currently behind bars -- after authorities say he bought cocaine following his participation in the Olympics.

According to the Herald Sun ... Craig was arrested on Tuesday -- two days after Team Australia's elimination from the Games.

The outlet reports Craig allegedly purchased drugs from a dealer in the streets of Paris ... and both he and the alleged seller were thrown behind bars by cops who say they witnessed the transaction go down.

The Australian Olympic Committee said in a statement following the arrest that it's aware of the situation and is trying to do what it can to help Craig.

"The Australian Olympic Committee (AOC) has confirmed an Australian hockey team member is in custody after being arrested in Paris on August 6th. No charges have been laid. The AOC is continuing to make inquiries and arrange support for the Team member."

Craig made his Olympic debut for the squad back in the 2016 Rio Games ... and helped Australian field hockey win a silver medal during the Tokyo Games in 2021.

Craig and the Aussies bowed out of the Paris Games after dropping their quarterfinal matchup to the Netherlands on Sunday.