Diddy's had enough of the narrative he's a greedy, self-centered label boss who steals from his artists ... and he says he's now fighting for his reputation!!!

The newly minted Love Records CEO hit "The Breakfast Club" Wednesday to tackle a bunch of topics ... including Kanye West's "White Lives Matter" controversy, and his former artist Ma$e's contract dispute with Fivio Foreign.

Diddy praised Kanye for being a "free thinker" and said he wouldn't condemn him as a person. For his part, Charlamagne said that excuses Ye's behavior ... but Diddy did call Ye's controversial T-shirt "unnecessary noise" and "tone deaf."

He also dubbed Ye's sidekick, Candace Owens ... "Karen Owens," because her real name is too Black.

Diddy says now is the time for Black lives to matter more than ever, and promised to poach high-profile executives from every business imaginable to get his people in good standing.

Elsewhere in the convo, Diddy was far less forgiving towards Ma$e ... alleging the former Bad Boy rapper owes him $3 million, and boldly declared all thieves should have their hands sliced off!

Nonetheless, Diddy says Ma$e abandoned the label -- only to become a "fake" pastor who ran to Atlanta to scam people following the success of his debut album.

Diddy says he's been scapegoated all these years for his ex-artists' failed careers, and people like Ma$e tend to push something he calls a "tap-out button" ... a convenient exit when the going gets tough.

The 'BC' crew also interrogated Diddy about his girlfriend Yung Miami's brand new series "Caresha Please" tying for Best Hip Hop Platform with "Drink Champs" at the 2022 BET Hip Hop Awards.

Charlamagne jokingly accused Diddy of paying off the judges ... which Diddy naturally denied but still basked in the fact both shows were owned by his REVOLT TV hub.

Mo money, mo problems still ring true in Diddy's world after all these years!!!