update: Sean "Puffy" Combs was arraigned on a charge of criminal possession of a weapon on Monday night (12/27), and was freed after posting $10,000 bail. The rapper and record company mogul will learn if he will be indicted on the felony charges -- which could land him in prison for 15 years -- at a Feb. 14 hearing.

Combs, 30, and actress/pop star Jennifer Lopez, his 29-year-old girlfriend, were arrested early Monday morning near Times Square in New York and charged with criminal possession of a weapon and stolen property. Police said the pair were detained after fleeing a nightclub where three people were wounded in a shootout.

According to the New York Daily News, Lopez was released after 14 hours in custody. Prosecutors agreed to drop all charges against her in exchange for her testimony before a grand jury about the shooting.

''Ms. Lopez was detained and questioned and fully cooperated with authorities,'' her attorney Lawrence Ruggiero said in a statement. ''Jennifer Lopez does not own a firearm nor does she condone the use of firearms.''

Combs proclaimed his innocence to reporters after he was released on Monday. ''I do not own a gun,'' he said. ''I do not carry a gun. The charges and allegations against me are 100 percent false. I feel that in the next couple of days, I will be vindicated and everything will be all right.''

Police said that Combs and Lopez were in the back seat of a Sport Utility Vehicle that allegedly ran at least 11 red lights as it fled Club NY at about 2:30 a.m, according to Reuters. After forcing the SUV off the road, officers said they found a loaded, unregistered 9 mm pistol on the floor of the vehicle. The driver and another man in the SUV were also arraigned on felony weapons charges. Police initially believed that the gun was stolen, but stolen property charges haven't yet been filed.

Police don't believe anyone in the SUV fired a gun. However, a Manhattan Assistant District Attorney told reporters that witnesses saw Combs and Jamal Barrow get into an argument with an unidentified person who threw money at them. The witnesses reportedly said that both Combs and Barrow pulled out semiautomatic pistols, and Barrow allegedly fired his gun as he fell backward. Three people were struck by bullets, but all are in stable condition.

Barrow, a little-known 19-year-old rapper who reportedly records under the name Shyne for Combs' Bad Boy Entertainment label, was being held on two counts of attempted murder and one count of reckless endangerment after ballistics test linked his 9 mm gun to the shootings, according to Reuters.