Candice Swanepoel The Fonz of Pool Dips & Nip Slips

3/11/2017 1:11 PM PST

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. 

Looks like Candice had a nip slip too ... happy days.