Seems Peyton Manning traded Budweisers for Coronas this week ... 'cause the Super Bowl champ just turned up in Mexico.
Witnesses south of the border say Manning's on a family vacation in Cabo ... he was strolling around his resort in sunglasses and a pair of bright green turtle shorts.
Meanwhile, Manning's all over the news in the U.S. after allegations from his past resurfaced ... allegations he sexually assaulted a female trainer at the University of Tennessee in 1996.
In the past, Manning has denied assaulting the woman -- but the incident was mentioned in a new lawsuit filed by a group of women who claim UTl has a history of a "hostile sexual environment."
Hard to relax on a beach with this going on ...