You may want to keep your Johnson tucked away ... because Christopher Peden -- the Indiana man cops say sliced off his man part and lit it on fire in a garage -- is out on bail.

According to court documents, obtained by TMZ, Peden was charged with felony arson but then released on $10,000 bond with certain strict conditions ... including not leaving the state of Indiana without permission.

Court docs also say the evidence collected on the scene included the remains of a red plastic gasoline container and four BIC lighters. Investigators say they also recovered a knife.  The penis, however, was not mentioned in the officer's affidavit as part of the collected evidence.

Cops say Peden told them he cut off his penis with a kitchen knife around 2 AM, poured gasoline on the severed appendage, and then lit it on fire.

Police and firefighters responded to the incident after receiving a call for a stabbing at the garage belonging to the property owners.

Well, now Peden's back on the streets pending his criminal trial. Although this is not the type of thing someone can do more than once ... there are plenty of other schlongs out there in the world. So, be careful out there!