MTO Exclusive: Ray J and Fabolous Get Into A Fight...Gets Who Got Knocked The ____ OUT!

Ray J has been hanging a little TOO HARD with the likes of Floyd Mayweather and 50 Cent . . . cause he started to think he was a TOUGH GUY.

Last night shortly after rapper Fabolous performed at the Palms casino in Las Vegas - he and Ray J got into a FIST FIGHT. Here's how it all popped off. According to a ROCK SOLID CELEBRITY snitch (you all know this person TOO), Ray J was drunk and started talking RECKLESS . . . claiming that he was more popular than rapper Fabolous.
In the beginning it was just JOKES . .. but then rapper 50 Cent started INSTIGATING. The insider explained, "When Ray J would say something, 50 would be like 'OOOOOH, Fab how are you gonna let him say that to you.'"
Well it worked because what started out as just JOKES - ended up with FISTS. The insider explained, "Fab was like "F*ck you' to Ray, and Ray got in his face. Next thing you know, Fab two pieced him. Actually is was a three piece cause he hit Ray once on the ground."

Ray J was knocked unconscious. And what happened next, we have to say ALLEGEDLY (cause we here at MTO are #teamnosnitch#). Allegedly . . . when Ray was unconscious some people RELIEVED HIM of his jewelry.
Police were called and had to ESCORT Ray out of the casino . . . No word on hether Ray will be pressing charges for the azz whooping . . . or for being RELIEVED of his jewels.