Iggy Azalea Sex Tape -- My Ex Is Selling It for Revenge

Iggy Azalea's legal team now says it may indeed be her in that sex tape ... but there's also a chance she was under 18 when it was shot.

It's a big change from what her people told TMZ just 2 days ago ... that NO Iggy sex tape exists. Now it sounds like it does ... but with legal peril.

We broke the story ... a video purportedly showing Azalea and an ex-boyfriend is being shopped to porn giant, Vivid Entertainment.

But then Iggy's lawyers now tell us ... any sex video would be the work of a "spurned business suitor" -- aka the ex-BF -- who's just trying to damage her image and career out of revenge. They also told us any footage was possibly shot "without her knowledge or consent" ... kind of a weird statement -- either it was or it wasn't. The lawyers also say it's possible it was shot when she was a minor.

So, let's review Iggy's sex tape position: It's NOT me ... it MIGHT be me ... IF it's me, an evil ex-business partner is out to get me ... and I might be jail bait ... so, I dare you to release it.