Michael Rapaport ain't happy with the punishment dished out to NBA player Meyers Leonard in the wake of his anti-Semitic slur ... suggesting he it would have been way worse if he used the n-word instead of the k-word.
Rapaport was one of Leonard's harshest critics after the Miami Heat center used the k-word to insult an opponent during a video game live stream session earlier this month ... calling him a "dumb f**k" and demanding a sincere video apology.
The NBA has since imposed a 1-week suspension on Leonard and fined him $50,000.
Meyers has apologized and vowed to work with leaders run the Jewish community to educate himself on why the word is so dangerous and offensive.
But, Rap says that's not good enough ... and he's comparing the situation to the announcer who hurled the n-word at a high school basketball team in Oklahoma.
"Why is that any worse than the Myers Leonard thing?" Rapaport told us.
"I'm not happy with [Leonard's] punishment, but I think if he had said a different word -- if it had been a white guy saying the n-word, he’d be cut."
Rap continued, "Every single athlete would have spoken out about it, every single actor -- white, black and in between -- would have spoken out about it and it would still be discussed a week later."
The actor says he's AGAINST canceling either Leonard or the high school basketball announcer ... but feels strongly they both need to held accountable.