Shaq & Lamar Odom -- Power Balance Agrees to Cough Up $287K

Shaq and Lamar Odom have scored a huge victory over the snake oil salesmen at Power Balance -- the company that duped athletes into believing its hologram bracelets could provide super-strength -- because it just agreed to fork over $287,000 to get the NBA stars off its back.

TMZ broke the story ... Shaq and Odom filed legal docs in PB's bankruptcy case, claiming they were owed money for their involvement in the company. Lamar was an investor. Shaq was a paid spokesperson.

Shaq originally demanded $308,961 and Lamar $133,870 -- but according to new court docs, they both agreed to take a little less after settlement negotiations ... Shaq got $200,310 and Lamar $87,015.

But they could get even more -- under the deal, if PB's bankruptcy estate collects more money than they anticipate from ensuing litigation, Shaq and Lamar could get an additional payout.