Redfoo -- I'll Settle Up with Rick Ross ... Or Beat His Ass in Court

Redfoo is giving Rick Ross two options -- either sit down with him and settle their lawsuit or prepare for legal defeat.

As TMZ first reported, LMFAO has fired back at Ross -- who is suing the group claiming they stole lyrics from him for their HUGE hit, "Party Rock Anthem." The group admits to playing off a lyric of Ross' from a few years back, but claims that's just part of the music biz.

A very tipsy and talkative Redfoo told our photog outside DBA in Hollywood ... if he and Ross have a face-to-face they can clear up any misunderstanding. Translation -- Ross would end up folding like a cheap suit.