Arenas and Javaris Crittenton drew guns on each other during a Christmas Eve gambling dispute, according to a report in the New York Post.
According to the report, Crittenton became angry when Arenas refused to make good on a gambling debt and shouted "I'm not your punk!"
That's when Arenas reportedly pulled a gun from his locker, prompting Crittenton to do the same.
A friend of Crittenton, Kendrick "Bookie Ball" Long, told the Post the third-year player discussed the altercation with him.
"He (Arenas) was (expletive) with him; he (Crittenton) was just defending himself!" said Long, who would only say the the dispute was over money.
Arenas has said he brought unloaded guns from home and stored them in his locker to keep them away from his children.
D.C. police said Tuesday it is investigating a report that weapons were found inside a locker room at the Verizon Center, where the Washington Wizards play.
Last week, the Wizards said that guard Gilbert Arenas stored unloaded firearms in a container in his locker at the arena and that the NBA was looking into the situation. But Metropolitan Police Department spokeswoman Gwendolyn Crump did not mention Arenas or the team in a one-sentence statement on the investigation.
Arenas acknowledged he was being investigated after the Wizards' 110-98 loss to Oklahoma City on Tuesday night but he did not specify if it was by the NBA or police.
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