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Estimating the probability of failure for complex real-world systems using high-fidelity computational models is often prohibitively expensive, especially when the probability is small. Exploiting low-fidelity models can make this process more feasible, but merging information from multiple low-fidelity and high-fidelity models poses several challenges. This paper presents a robust multi-fidelity surrogate modeling strategy in which the multi-fidelity surrogate is assembled using an active learning strategy using an on-the-fly model adequacy assessment set within a subset simulation framework for efficient reliability analysis. The multi-fidelity surrogate is assembled by first applying a Gaussian process correction to each low-fidelity model and assigning a model probability based on the model's local predictive accuracy and cost. Three strategies are proposed to fuse these individual surrogates into an overall surrogate model based on model averaging and deterministic/stochastic model selection. The strategies also dictate which model evaluations are necessary. No assumptions are made about the relationships between low-fidelity models, while the high-fidelity model is assumed to be the most accurate and most computationally expensive model. Through two analytical and two numerical case studies, including a case study evaluating the failure probability of Tristructural isotropic-coated (TRISO) nuclear fuels, the algorithm is shown to be highly accurate while drastically reducing the number of high-fidelity model calls (and hence computational cost).