Kevin Love is backpedaling after mocking Chauncey Billups and Terry Rozier 's arrests ... saying after having a conversation with Damian Lillard , he now understands it's not a laughing matter.

Love -- who currently plays for the Utah Jazz -- shared his immediate reaction to the bombshell news in an Instagram post on Thursday ... shortly after the FBI arrested the Trail Blazers coach and Miami Heat guard in a gambling scandal.

He published an edited image of Billups and Rozier's faces onto the infamous "Coldplay couple", that was caught being cuddly on camera at a concert, with a caption that read: "NO (Draft) KINGS!!!"

While some followers found it hilarious, others weren't amused -- including Dame, who left a comment under the post ... calling it, "Weak ass s***."

Lov

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