Bruce Jenner will be showing off his immense huevos by competing with his son in the legendary Baja 1000 this week ... thanks to more than $1 million in sponsorships.

Bruce and Burt Jenner will attempt to tame one of the world's most dangerous off-road courses through the Mexican desert at insane speeds -- and the 5-day race ain't cheap.

Sources connected to Team Jenner tell us entry fees alone are $125K minimum, the truck cost $500K ... plus several hundred thousands more in expenses and equipment. All in, we're talking more than $1 million, but Bruce isn't spending a cent of his own dough.

Team owner Craig Potts, along with sponsors Gladiator Tires and House Beer, are putting up all the cash. We're told Burt will drive the 1st 400 miles with Bruce navigating, then Bruce will take the wheel for the 2nd leg ... and Potts gets the home stretch.

The race, which begins Wednesday, is no cake walk. X Games star Kurt Caselli was killed last year, and multiple drivers and spectators have died during the event over the years.

Buena suerte, señors!