THE FIGHT LASTED LESS THAN 2 MINUTES!!!

Askren -- a decorated MMA fighter -- threw some shots that landed in the opening moments of the fight. But things changed quickly.

24-year-old Paul made it clear he was headhunting -- throwing big shots and connecting with a DESTRUCTIVE right hand that sent the UFC fighter crashing to the floor with 1:18 left in the opening round.

Snoop was so pumped -- he was shouting, "FINISH HIM! FINISH HIM!"

36-year-old Askren got up and wanted to continue -- but the ref waved it off, saying Askren was stumbling ... and ultimately ruling Ben was just too discombobulated to continue.

Jake WAS EMOTIONAL after the win -- crying in the ring and falling to his knees in disbelief, At one point, he got back up and started doing push ups to show he could keep going.

Snoop Dogg -- who was doing the announcing -- spoke with Jake after the fight saying ... "You f**king did that. You're a bad motherf**ker."

"I told y'all I would do it in the 1st round. I told you I'm a real fighter," Paul replied.

Snoop was in a VERY good mood following the knockout -- saying he won a $2 MILLION bet he claims to have made on the fight with UFC president Dana White.

"Dana, where my money at?" Snoop said during the broadcast.

Dana White has previously denied ever taking the action with Snoop.

As for Paul, he's now 3-0 as a pro fighter -- including a similar knockout over NBA star Nate Robinson.

The million dollar question for Jake ... WHO'S NEXT?!

The whole Triller Fight Club event was pretty damn entertaining -- with performances from Justin Bieber, the Black Keys, Snoop, Too Short, Doja Cat, Saweetie, Diplo and more.