Jeremy Stephens Used Anti-Gay Slur at Yair Rodriguez In Hotel Scuffle, Video Shows

Jeremy Stephens called Yair Rodriguez the homophobic f-word during a heated altercation at their hotel in Mexico just one day after their UFC fight fell apart ... and it's all on video.

In footage obtained by IndiscutidoLA, you can see Yair and his entourage approach Stephens in the lobby ... and while it seems harmless at first, things escalate quickly.

We heard Jeremy tell Yair "Let's run it back." Then, Yair says something about Jeremy's eye. Next thing we know, Stephens shoves Yair in the chest and all hell breaks loose.

Yair tells Stephens -- "F**king p***y, bro. You're gonna have to live with that for the rest of your f**king life."

Stephens replies, "Let's run it back."

Yair says the fight should have happened the day before -- "How bout yesterday?!?"

That's when Stephens hurls the f-bomb ... "You poked me in the eye, f****t. You poked me in the f**king eye."

Yair repeats the slur back to Stephens and continues to mock him.

Stephens says, "I'll see you soon motherf**ker. Trust me. I'll see you soon."

As we previously reported, Jeremy and Yair were the main event at a UFC fight on Saturday -- but the fight was called off after the first few seconds when Yair hit Jeremy with an accidental eye poke.