69-year-old Piquet was recently banned from the F1 paddock over his controversial comments about Hamilton in an interview with Motorsports Talk last year ... when he, according to a translation by CNN Brazil, referred to the 7-time champ as a "little n*****."

Piquet is now facing even more backlash for comments made in a separate interview from last November ... in which he used the same word to describe Lewis, while also dropping a homophobic phrase.

As we previously reported, Piquet -- whose daughter, Kelly, dates Max Verstappen -- clarified his initial controversial comment in a statement this week ... claiming the term is used in Brazilian Portuguese to say "guy" or "person" and he had no racist intent behind his words.

Max also backed Piquet ... admitting what he said was wrong, but claiming the racing legend is no racist.

The new clip will certainly cause a stir within the sport ... which has made a push in recent years to welcome fans and drivers from all different backgrounds.

In fact, Sebastian Vettel said in an interview earlier this month F1 would welcome its first openly gay driver ... and Mercedes debuted a rainbow "Pride Star" for the month of June to raise awareness for the LGBTQ+ community.

Lewis has yet to respond -- the drivers are currently in the middle of practice for the British Grand Prix this weekend -- but he will certainly address it when the time comes.