Steve McBee Sr. is out of prison, and now it's time to pay the piper ... because the federal government says he agreed to pay a hefty sum as part of his plea deal ... and they're coming to collect.

Uncle Sam filed legal documents breaking down the settlement on Thursday ... stating McBee must pay a forfeiture money judgment of $3,158,923 -- and full restitution to the United States Department of Agriculture for $4,022,124.

That's over $7.1 million ... and the feds say they've reviewed some properties he will be looking to sell to cover what he owes.

He also has to pay $300K within fourteen days of the effective date of the settlement.

As we reported ... Steve was released from prison last month after serving nearly a full year behind bars. He pled guilty to one count of making a false statement in connection with crop insurance.

His early release was made possible in part by his participation in a program that reduced the amount of time he had to spend in prison. He is expected to spend several months under home confinement.

Crime doesn't pay ... clearly, it costs a ton!