Demetrious Johnson says Ray Borg's lucky he tapped out when he did at UFC 216 ... 'cause he was SECONDS away from breaking the dude's arm in two!!!
After catching Borg in that EPIC flying armbar, the guys on the "TMZ Sports" TV show asked DJ if he cut Borg a break by not snapping the limb ... out of professional courtesy.
But if you thought DJ was being merciful, think again.
"No, no, no -- I was trying to break it the whole entire time," Johnson said ... "I'm breaking your arm if I get the chance."
DJ says Borg tapped right before he could get the arm in perfect fracture position.
The good news -- "I didn't hear any popping, so he should be fine."
Gotta watch the entire interview tonight on FS1 -- we also talked to DJ's wife about why she was "nervous as hell" going into the fight. It's great stuff.