The Dave Myers-directed project features Drake and 21 in acting mode ... playing the part of a pair of Don Juan's who rescue a damsel in distress overboard on their yacht.

After seducing Drizzy with her curves, the woman ... played by model Precious Lee ... reveals her hidden agenda (to rob them, duh!!!) and pulls off a heist with dozens of more baddies who inflict pain on the rappers while they're tied up.

Don't be surprised if there's a Google search spike in S&M searches over the next week as fans eat up the latest taste from the platinum-selling project.

One person who's definitely no "Her Loss" fan is Kodak Black ... who recently revealed the project caused a rift between him and Drake.

Kodak says he and Drake were supposed to drop a collab album but were blindsided by the 21 replacement ... prompting the "Super Gremlin" to cut all ties with Drake ... at least musically.