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A man named Billy Turner has been arrested and charged for the murder of Lorenzen Wright ?... over 7 years after the NBA vet was shot and killed in a Memphis suburb ... and we have the mug shot. The Memphis Police Department and Shelby County District Attorney's office held a press conference on Tuesday to announce that Turner, 46, had been indicted and charged with the 1st-degree murder of Wright.

Turner is currently in custody on a $1 million bond. Lorenzen's remains were found in a wooded area on July 28, 2010 ... 10 days after the 34-year-old was last seen leaving his ex-wife's residence in Collierville, Tennessee. The case went cold for years ... but there was a major break last month when cops discovered the gun they believed was used to kill Wright ... in a lake about 50 miles from Wright's body. Lorenzen was a star at the University of Memphis, and played 14 seasons in the NBA -- including 5 with his hometown Memphis Grizzlies.

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