Fred Willard was arrested for lewd conduct last night in Hollywood after police caught him with his pants down in public -- in adult movie theater ... TMZ has learned.
According to law enforcement sources, LAPD undercover vice officers went into the Tiki Theater in Hollywood and found the 78-year-old "Anchorman" star watching last night's feature ... with his penis exposed and in his hand -- aka, pulling a Pee-Wee Herman.
We're told Willard was arrested at 8:45PM and booked for lewd conduct.
It was a quick release -- we're told Willard was out of police custody a short while later.
Willard is best known for memorable roles in "Best in Show", "For Your Consideration", and "American Wedding."
According to IMDB, Fred is currently in pre-production for a movie entitled ... "The Yank."
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