Allow us to introduce you to PFL 11 winner Lance Palmer ... who took home $1 million big ones when he beat up Steven Siler on New Years Eve 2018.

TMZ Sports talked to Palmer and he walked us through exactly how he got his million bucks.

"The night of the fight you get this one, you get the big check the night of the fight, but actually it comes in as a wire like 2 weeks later," Palmer says.

"They make sure your drug test comes back clean and then after that, you get the wire. That's the craziest feeling ever cause I've never had that kinda money, anything close to that kinda money come in my account. It's wild."

Lance continued ... "I never thought I'd see 7 figures in my account at 1 time."

So, what'd he do with the dough?

Lance says he bought a Dodge Hellcat Redeye ... a ridiculously fast 800-horsepower sports car.

And, get this, Palmer might have another fat wire transfer on the way ... 'cause he made this year's PFL tourney final and will AGAIN fight for a million dollars.

That goes down December 31.