Iggy Azalea Performs in Revealing Red Latex Outfit at Univision's Premios Juventud

Iggy Azalea's ass is bursting at the seams ... literally.

The rapper turned heads -- and might've broken some necks, too -- wearing these pretty damn revealing red latex pants Thursday at Univision's Premios Juventud (think Teen Choice Awards).

She performed her new song, "Switch" ... and while everyone no doubt enjoyed the performance, it's pretty clear her outfit -- OK, more like THAT ASS!!! -- stole the spotlight.

We here at TMZ salute 1) the designer of that outfit and 2) whoever suggested Iggy wear the outfit.