WWE Superstar Titus O'Neil -- Drops Big Money ... On Custom Croc Belt

Something tells us PETA won't be happy with this one -- WWE superstar Titus O'Neil spent a a few Benjamins Friday in New Orleans ... on a belt made from exotic crocodile carcass.

O'Neil hit up Torino Leather in New Orleans this week and bought a belt fashioned out of South African hornback crocodile skin ... it was made on the spot -- and cost $500 bucks.

The owner of the shop (above) says Titus also bought a leather belt in Lakers colors for $100 -- and employees in the store went crazy when the wrestler breezed in.

MILLIONS OF DOLLARS! MILLIONS OF DOLLARS!