Conor McGregor & Dana White Reunited with Big Plans

It's the matchup we've all been waiting for ... Conor McGregor and Dana White face-to-face for the first time since CM was yanked off the UFC 200 card -- and TMZ Sports has the footage.

It all went down at the ultra-swanky Montage hotel in Bev Hills -- where Conor rolled up in a $500k Rolls-Royce Phantom drophead coupe and was personally greeted by White, who arrived first.

Our sources tell us the two men hugged when they first met -- but we're told it was a very aggressive embrace ... the kind you could hear from down the hall.

White and McGregor were all smiles as they headed up the stairs to a private dinner flanked by 3 very large gentlemen. The meeting took roughly two hours.

We're guessing they weren't just there to eat ... with McGregor training for a Floyd Mayweather super bout that could be worth hundreds of millions of dollars, business was certainly on the table.

So, how'd it go??

McGregor was all smiles on the way out -- waving cheerfully to TMZ cameras as he left the building.