Leonardo DiCaprio with Bradley Cooper's Ex, Irina Shayk, at Coachella

Leonardo DiCaprio was back in the desert this weekend trying to be as low-key as possible -- but his typical incognito look gave him away ... as did the 2 beauties he was hanging with.

The actor was spotted out and about late Saturday night and early into the wee hours of Sunday as Day 2 at Coachella came to a close. While the Empire Polo Club might've closed its gates following the headliners' sets ... there was another party to hit right next door.

Of course, we're talking about Levi's and Tequila Don Julio's Neon Carnival -- which was hosted just a stone's throw away at the Desert International Horse Park in Thermal, CA ... basically, a mini-Coachella.

As we just mentioned ... Leo was in good company -- hanging out with a couple of young women as they all got nice and snug amid the packed crowd. LDC was rocking his usual black baseball cap and COVID-friendly face mask ... which he pulled down in this rare instance. He also eventually lifted his head enough to see that gorgeous face of his.

Hey, bud! Good to see ya.

Looks like DiCaprio was with some friends for this outing too -- and by the looks of his smile ... he was having a ball. Remember, he's a Coachella regular ... having made appearances for the past several years -- and he's usually rolling with a hottie or two.

While he may have been the biggest star on the scene Saturday ... he was far from the only famous person hitting up the Neon Carnival on the late night -- there were lots of others.

Just to give a sense of who else popped in ... Lil Nas X, Janelle Monae, Camila Cabello, Metro Boomin, Lil Baby, Future, Teyana Taylor, Shay Mitchell, Anderson .Paak, Coi Leray, Olivia Culpo, Glorilla, Yo Gotti ... and a helluva lot more. A who's who, really.

Now the real question ... who's Leo chatting up though??? 👀