Iggy Azalea -- Misguided Over Weird Al Parody

Iggy Azalea shouldn't be counting her money from the "Fancy" parody Weird Al intends to record ... because she may encounter an insurmountable legal snag.

Yankovic ambushed Iggy backstage at a concert earlier this month -- telling her he wants to record one of her songs -- the 24-year tells us she was flattered.

Iggy says she'll benefit financially because she'll get a licensing fee for use of the song. Not true. Since it's a parody ... Al doesn't have to pay a fee. He may, however, decide to give her a cut, but that is not a licensing fee -- that's called the goodness of his heart.

Iggy is more on point on the subject of Al's hair ... check out the video.