Wiz Khalifa's beautiful blue 1969 Chevy Chevelle was MANGLED in an alleged hit-and-run crash last week ... and TMZ has the heart-breaking photos.

We broke the story ... the LAPD launched an investigation after a woman filed a report claiming the rapper smashed into her ride on Wednesday after a music video shoot and then fled the scene.

Now, sources say Wiz actually hit 2 cars ... including a Lexus, which sustained serious damage to the front end.

One source who was at the scene tells us the Chevy was leaving the video shoot when the driver punched the gas and lost control ... slamming into the Lexus, which caromed into another car.

As we previously reported, the women in the 3rd car claims Wiz fled from the scene -- she has since filed a hit-and-run report with police.

If he did run from the scene, it wasn't in his Chevelle -- we obtained video from the scene which shows a banged up car, which appears undrivable, being tended to right after the accident.

We reached out to Wiz -- so far, no word back.