Lil Nas X Catwalks In Underwear Down L.A. Street, Possible Drug OD

Lil Nas X is hospitalized after a bizarre scene in L.A. -- he was strolling down the middle of a major street early Thursday morning, wearing only his underwear and cowboy boots!!!

TMZ Hip Hop obtained video of the "Old Town Road" rapper nearly naked, and floating aimlessly down Ventura Blvd at 4 AM. Someone driving past him recorded Nas, who repeatedly pointed at the camera and muttered something about heading to a party -- and at one point, he placed an orange traffic cone on his head.

Our sources say others in the Studio City area noticed Lil Nas, and thought the whole thing was weird enough to report it to police. As it turns out, several people in the area had reported to LAPD that they saw a nude man walking in the road.

We're told officers responded and found him still walking down the middle of the road, and after Nas charged at officers ... they subdued him and put him in handcuffs. Officers told paramedics it was a possible overdose and Nas was transported to a hospital.

Law enforcement sources tell us, Nas could still face charges ... but for now he's still getting treated at the hospital.