The 'Real Housewives of Beverly Hills' star shared the pic Saturday ... a caricature of herself with huge muscles and a bottle of propofol -- used as general anesthesia -- hanging from the neck. AW's a "Nurse Anesthetist" according to her profile, explaining the propofol.

In her caption, Wiley blasted the photo ... telling her more than 34k followers that she'd had to deal with a ton of racism and cyberbullying recently -- pointing to the pic as a major example of that.

She started by saying she was a collegiate athlete who still worked out every day... adding she's proud to show young women you don't have to be a size 0 to be beautiful and love yourself.

Wiley added, "Drawing a black woman as a gorilla is disgusting and completely unacceptable!" before mentioning the historical context of Black women being "villanized" and called "animalistic."

She added she's dealt with microaggressions and name-calling through the years ... but said the picture's a totally new level of "hatred," and she called out the artist who made it by account name.

FWIW ... the artist's intent is difficult to judge here. The account "drunkdrawn" has posted a ton of these kinda pics through the years and uses a very specific style to portray these individuals -- some that share a ton of similarities to the Wiley snap, like this one of 'RHOSLC' star Meredith Marks.

In any case, Wiley was clearly hurt and offended by the picture and "drunkdrawn" seems to realize it stepped over a line ... 'cause it appears the post has been deleted.