Ray J -- I Just Blew $500k on New Cars ... Thanks to VH1

It's the most baller move Ray J's made since shaking Kim Kardashian's cakes to camera -- he just celebrated a 7-figure TV deal by dropping half a mil on his and hers exotic sports cars.

Ray sunk the massive chunk o' dough into a Bentley Continental convertible for his gf, Princess Love -- and a Ferrari 458 for himself ... all on the heels of signing a fat new contract with VH1.

Sources close to the sex tape star/singer tell TMZ the deal has 6 zeroes attached -- and Ray will not only star in "Love and Hip Hop L.A." ... but also develop shows for the network with his manager David Weintraub.

We're told RJ will appear in some of the shows, and produce others. Real talk though -- he's mostly gonna enjoy the hell outta the Ferrari.