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Lolo Jones Explodes On Tamar Braxton ... 'Bitch, I'm Right Here'

Lolo Jones and Tamar Braxton came thiiis close to throwing hands in the "Celebrity Big Brother" house ... after the Olympian called Tamar a "bitch" during a heated confrontation.

Tensions had been building between the two houseguests for days -- but things finally "popped off" Saturday morning when an argument exploded into real smack talk ... and threats of physical violence.

Tamar -- wearing a weird "Back to the Future" mask -- did NOT back down from Lolo ... telling her, "I am from Baltimore. You do not want that problem."

When Tamar got into Lolo's face, Jones flexed on Tamar and said, "I'm right here."

In a moment captured on the 'Big Brother' live feed -- you can see Tamar saying, "The next time somebody calls me a bitch, I'm just gonna' start yankin'."

As Lolo walks past Tamar on her way to the DR, Tamar says to Kandi "The next time somebody calls me a b!tch, I'm just gonna' start yankin'.

Lolo says "then do it"

Tamar says "then say it"

Etc. etc. until we get another "BRB"

CBS, stop hording the good stuff!#CBBUS2#BBCeleb pic.twitter.com/qkUlN9ErA2

Lolo hears the threat and responds, "Then do it."

Tamar replied, "Then say it."

The good news -- the women didn't ever come to blows ... but they're both still in the "Big Brother" house.

Question is ... who wins if they REALLY do fight?? The world-class Olympic athlete or the battle-tested Baltimore brawler??

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