Here's Arenas' lawyer's statement:
"Earlier this afternoon, Gilbert Arenas appeared before the Honorable Robert E. Morin of the Superior Court of the District of Columbia and pled guilty to a charge of carrying a pistol in the District of Columbia without a license. He accepted full responsibility for his actions, acknowledged that those actions were wrong and against the law, and has apologized to all who have been affected by his conduct. Mr. Arenas appreciates the professionalism of the authorities handling this matter."
My first thought is that this pretty much eliminates any chance at Arenas coming back this season. Otherwise, I'm still gathering my thoughts. This will keep updating throughout the day.
UPDATE: Every little detail you need to know at this point is in this SB Nation stream update. Check it out for everything you need.
UPDATE: Here's a picture of the type of gun Gilbert Arenas brought to the Verizon Center.
Kavanaugh said the disagreement developed during a team flight back from Phoenix. The other player offered to settle matters with a fist fight, but Arenas, 28, said he was too old for that and suggested he would instead burn the other player's car or shoot him in the face. The argument on the plane ended with the other player saying he would shoot Arenas in his surgically repaired knee.
Two days later, Kavanaugh said, Arenas brought at least one gun to the Verizon Center in a black backpack. He laid out four guns on a chair in front of the other player's locker with a sign saying, "Pick one."
When the other player asked, "What is this?," Arenas responded: "You said you were going to shoot me. Pick one."
The other player said he had his own gun, threw one of Arenas's weapons across the room and then displayed his own firearm, Kavanaugh said.
UPDATE: Here's a copy of the plea agreement document, via Fanhouse.
UPDATE: The Wizards just released what I think is a very, very telling statement. Emphasis mine.
"Gilbert Arenas has been a cornerstone of the Washington Wizards for six years. We are deeply saddened and disappointed in his actions that have led to the events of this afternoon. Gilbert used extremely poor judgment and is ultimately responsible for his own actions."