Peter Berg -- Let The Backpedaling Begin ... 'I Respect Caitlyn Jenner'

Peter Berg's in full damage control mode ... saying he has nothing but the "utmost respect for Caitlyn Jenner" ... after posting a meme about her earlier today that many people called "transphobic."

The "Ballers" producer/co-star just went to Instagram and wrote, "I have the utmost respect for Caitlyn Jenner and I am a strong supporter of equality and the rights of trans people everywhere."

It's a much different tone than the one he took earlier -- when he posted an Internet meme that ripped ESPN for giving the Arthur Ashe Courage Award to Jenner instead of a military vet.

The original meme Berg posted included a pic of both a double amputee military vet and Caitlyn Jenner and included the caption, "One man traded 2 legs for the freedom of the other to trade 2 balls for 2 boobs."

In his new Instagram post, Berg tries to clarify his stance -- saying, "I also believe that we don't give enough attention to our courageous returning war veterans, many of whom have sacrificed their bodies and mental health for our country and our principals- principals that include the freedom to live the life you want to live without persecution or abuse."