Play video content EXCLUSIVE

A 14-year-old Justin Bieber did a horribly racist version of his own song 5 years ago ... looking into the camera and singing ... "There'll be one less lonely n*****."

Bieber and his team tell TMZ ... they want this video out, because he wants to own what he did.

We're told when Justin was 14 ... he had seen a random video online in which a comedian parodied his song, "One Less Lonely Girl," but the guy replaced the word "girl" with the n-word.

Justin then parodied the parody ... right on camera.

We're told years ago Justin told both Usher and Will Smith about the videos, saying he knew almost immediately it was a stupid thing to do ... Usher took him into a room and showed him historically racist videos to drive home how hurtful these words can be.

Bieber and his team say various people have tried to extort him over the last few years -- demanding money for both this video and the one he made when he was 15. Justin says he will not be shaken down anymore. He says he wants people to see the video and he wants to accept responsibility.

Justin apologized several days ago ... saying, "I thought it was OK to repeat hurtful words and jokes, but didn't realize at the time that it wasn't funny and that in fact my actions were continuing the ignorance."