Kanye West‘s team claims more than $1 million worth of clothing has been stolen from his L.A. warehouse … and now there’s a dispute about whether or not he’ll ever get it back.

Ye’s chief of staff, Milo Yiannopoulos, tells TMZ … people in the rapper’s camp noticed a massive amount of Yeezy GAP clothes in Ye’s warehouse went missing a couple days ago — approximately 60,000 pieces of clothing worth roughly $1.2 mil.

Yiannopoulos said the team had no clue where the clothes went, but then they noticed a Kanye fan account advertising an event Friday in L.A. … where buyers could purchase a bunch of Yeezy GAP apparel at $20 a pop.

Law enforcement sources tell us they got a call about the alleged stolen property, and sent officers and detectives to the Yeezy sale.

We’re told the people in charge of the event told cops they had receipts for the clothing, but cops say they couldn’t show ALL the clothing was backed up by receipts.

Nevertheless, we’re told cops were unable to seize the merch given the conflicting stories, and because Ye had not filed a police report.

Regardless, Milo insists all of the clothing is, in fact, stolen … claiming Ye’s team has no record of the sale, and would never let someone purchase clothing in bulk. Moving forward, Milo says Ye’s camp will do whatever is necessary to retrieve the clothing, including filing a police report … and they’ve now fired off a cease and desist letter to the organizer of Friday’s sale.

In the document, Ye’s team accuses them of forging records to make police believe they legally obtained the Yeezy goods.

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What’s more … Milo believes his team has identified one of the thieves involved, and says they’ll cooperate with cops to hand over any leads.