Diddy is about to learn his fate ... because the jury in his federal criminal trial says they have reached a verdict.

This is the second time the jury sent a note about a verdict ... on Tuesday, they said they reached a verdict on the sex trafficking and Mann Act counts but were unable to reach a verdict on the racketeering conspiracy charge.

Judge Arun Subramanian told jurors to keep deliberating ... and they came back Wednesday and seemingly all got on the same page.

The jury began deliberations Monday after hearing testimony from the prosecution's 34 witnesses, seeing a bunch of exhibits, listening to closing arguments, and receiving the judge's legal instructions.

Diddy is charged with five counts ... one count of racketeering conspiracy, two counts of sex trafficking involving ex-girlfriends Cassie Ventura and "Jane," and two counts of transportation to engage in prostitution.

He pleaded not guilty and before the trial, he turned down a plea deal.

Diddy faces up to life in prison if the jury finds him guilty of racketeering conspiracy. He faces at least 15 years if the jury finds him guilty of sex trafficking. He faces a maximum sentence of 10 years if the jury finds him guilty of transportation to engage in prostitution.

There's a chance the jury convicts Diddy on all charges, finds him guilty of some of the charges, or acquits him on all charges ... and there could even be a hung jury on the RICO charge.