Cynthia Bailey doesn't think video of her husband kissing another woman is evidence of cheating ... seriously.

Hubby Peter Thomas had some 'splainin' to do after video surfaced of him smooching a chick in a Charlotte, N.C. bar. Peter has the standard response ... she's just a friend.

It looks romantic to us ... and everyone else, except Cynthia, who tells us it's just an innocent peck on the cheek. Check out the video and decide for yourself if it's the cheek or the smacker.

Cynthia was vague, acknowledging the video is embarrassing to her but she'll deal with Peter privately. It's unclear if that means a new ring or an ass whooping.

But she insists she's standing by her man. Hey, Hillary did, and now she's running for President.