Jennifer Lopez A Nip in the Air?

2/26/2012 6:32 PM PST

Jennifer Lopez Nipple Slip / Wardrobe Malfunction at the 2012 Oscars?

Jennifer Lopez and Cameron Diaz presented a pair of awards at the Oscars and they may have been joined on stage ... by JLo's areola.

The debate is raging on Twitter ... was it a nip slip? Maybe a shadow? Watch the clip and tell us ...