Jay-Z & Kanye West -- HUG SO HARD ... After 'Suit & Tie' Diss

Guess Jay-Z wasn't too pissed off after his BFF Kanye West publicly ripped "Suit & Tie" a few months ago ... 'cause the two reunited on the streets of NYC today and hugged it out like it never happened.

Kanye's diss made national news back in February ... when he grabbed the mic at a concert and said, "I got love for Hov, but I ain't f***ing with that 'Suit & Tie."

Justin Timberlake playfully shot back at Kanye during a performance on "SNL" ... but Jigga never really reacted to it ... publicly, at least. Seems it's all water under the bridge now.

We're gonna hug to one song and one song only ...