[verb た-form] + ら最後 [verb た-form] + が最後
たら最後 and たが最後 mean "once this happens, there's no going back": the first thing sets off something bad that can't be stopped or undone. Both follow the た-form of a verb.
The た-form doesn't make the sentence past. The first two examples describe what always happens, and the second half is in the present. Words like にど二度と and もう often appear in the second half to underline that it is final.
Plain たら is "if" or "when", and what follows can be anything. Adding さいご最後 says the result is final and unwelcome, so a pleasant result doesn't fit.
The second half can be left out and replaced by だ. The sentence then says only "if that happens, it's all over".
The two mean the same. たら最後 is the one you hear in conversation. たが最後 is more literary and belongs to writing and storytelling; in speech it sounds dramatic. In everyday talk the same warning often comes out as きごう〜たらおわり終わりだ or いちど一度きごう〜たら、もうきごう〜ない.