LaVar Ball is dropping the the price to be a Big Baller -- debuting a new BBB shoe, The Melo Ball 1 ... and it's only $395!!!!

LaVar is calling the shoe a "industry game changer" -- and says it was "meticulously designed and inspired by" his 16-year-old son LaMelo Ball

The shoe looks different than his brother Lonzo Ball's ZO2 kicks, which retail for $495. 

BBB is already taking pre-orders but says the shoes are expected to ship in December. 

BBB says LaMelo is the youngest basketball player to ever have his own signature shoe -- "History has been made."

Of course, Jay-Z bought 3 pairs of Lonzo's shoe -- saying he wanted to support a black-owned family business. Wonder if he'll pony up for the Melos, too?