Candice Swanepoel Suffers a Nip Slip Swimming With Nothing But a Leather Jacket On

Candice Swanepoel doesn't seem to know -- or care -- what water does to leather ... she swam with some of it on and nothing underneath.

The Victoria's Secret model was doing a photo shoot in Rio de Janerio for Vogue Brazil, which appears to be pushing leather jackets this season -- Fonzie-style.