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2:07 PM PT -- Jones just issued a statement saying, "I was not drag racing nor was I speeding. I did not get a speeding ticket. I was driving within the speed limit of the 35mph zone."

"I feel that police used a technicality to ticket me for drag racing, for simply revving my engine and acknowledging some of my local fans. I regrettably said words to the police officer out of frustration, for which I apologize for, but I do feel this was excessive."

UFC superstar Jon Jones called a police officer a "f**king liar" and a "pig" during a heated exchange in New Mexico last week ... and TMZ Sports has the footage.

It all went down when Jon was pulled over in his white Corvette on suspicion of drag racing around midnight Thursday night.

The encounter was definitely heated from the beginning -- the officer making it clear he was NOT happy with Jones.

But Jon -- who is on probation from a hit and run conviction -- doesn't take kindly to the officer's tone and starts to bark back ... at one point calling him a "f*cking liar" and a "pig."

He added, "You're despicable."

The officer replied, "I feel the same way about you sir."

Jones went on "The MMA Hour" with Ariel Helwani and later apologized -- saying he was emotional and shouldn't have said what he said.

The UFC issued a statement saying, "We are aware of the situation and are looking into the matter. We've also been in touch with Jon's team regarding the matter."

We've transcribed part of the video below ... it's pretty crazy:

Play video content TMZSports.com

Jones: "Calling my lawyer, to ask him about this paper work. I'm sure I have the right to do that, buddy ... f**kin' liar. I can't believe you."

Cop: "Well believe it, cuz I'm not joking."

Jones: "For no reason. F**king with me for no reason. What's your name?"

Cop: "Officer Brown. It's on your ticket, sir."

Jones: "Can't f**king believe you. You're ridiculous."

Cop: "Just doing my job."

Jones: "No, you're not just doing your job. You're f**kin' picking this Corvette out for no reason. Blaming me for all this sh*t that you know isn't true."

Jones: "You're ridiculous ... I used to really respect ... f**kers like you."

Cop: "You'd rather I just turn my head and let you be a nuisance to the citizens?"

Jones: "I am not a nuisance to the citizens."

Cop: "I have sworn to protect the citizens from people like you, Mr. Jones. Please don't dig around in your car."

Jones: "I was looking for a pen. Give me the f**king sh*t. Can't believe you. Ridiculous."

Cop: "Well believe it. Cuz it's the truth, sir."