Miley's the cover story, and inside her nips are covered with peach paint. Her lady parts got a shade of pink ... paint. As for why Miles did the spread -- look under her left boob for the "Just Because" tattoo.
Celeb photog Paola Kudacki did the honors, and the creative director was Diane Martel ... who also did the wild visuals for Miley's Bangerz Tour.
Interestingly, Miley shares her cover with a pig. Kim's ass hogged the camera.