Iggy Azalea -- It DO Mean a Thing ... If You Don't Wear that Ring (PHOTOS)

Iggy Azalea says she's giving fiance Nick Young a second chance, but her vow lacks a ring of truth.

Iggy was not wearing her engagement ring Tuesday as she left the iHeartRadio station in Atlanta. It's especially interesting because before the alleged cheating scandal broke, as far as we can tell the ring was a fixture on her hand.

The rapper says she doesn't have hard proof Nick strayed, so she let him off with a stern warning ... the next time it's his penis.