TMZ Sports has obtained video showing Colby Covington just moments after he allegedly fought with Jorge Masvidal outside of a Miami hotspot ... and you can see the UFC star was surrounded by cops.
The footage was shot at around 11:30 PM ET ... roughly half an hour after sources tell us Covington and Masvidal got into a physical altercation outside of Papi Steak in Miami Beach.
Colby ate dinner on Monday night with the Nelk Boys inside of the restaurant -- and we're told Masvidal did NOT eat at the restaurant.
Sources say as Colby was leaving the restaurant after dinner ... Masvidal allegedly attacked him outside.
In our video, you can hear Colby appearing to describe the alleged attack, saying, "He's over here swinging, trying to come at me, and I ran ..."
Colby can later be heard on the footage asking social media star Bob Menery, "How would [Masvidal] know I'm here?"
"I don't know," Menery responded in the clip. "You're all over the internet."
It should be noted, earlier in the night, Menery and the Nelk Boys posted video of Covington inside of the restaurant. Colby had been a guest on their "Full Send Podcast" earlier in the day.
We're told cops took a report at the scene. We've reached out to police for comment, but so far, no word back yet.
As for Masvidal's side of the story, he posted a video shortly after the alleged altercation, challenging Colby to show his face while saying, "If you talk that s***, you've got to back it up."
Jorge and Colby -- best friends turned bitter enemies -- just fought on March 5 ... where Covington won by unanimous decision.