The rapper was in Chicago Thursday night and hosting a performance at United Center -- basically using the show to trot out all his new songs on 'Vultures,' which he didn't release digitally to the masses ... but which everyone in the building got to hear live.

Ye went through his set list rockin' his Jason Voorhees mask ... and while he cruised through each track, he eventually landed on one where he explicitly mentioned his antisemitism -- and it appears the platform he was using to stream this was quick to censor him.

Check it out ... Kanye raps, "And I'm still crazy, bipolar, antisemite // And I'm still the king." Almost a second after that last lyrics -- the feed on Veeps (the streaming service he opted for to carry his live gig) cut to black and went silent ... suggesting someone did it purposely.

That's what people online are speculating anyway ... namely, that Ye and Veeps might've had some agreement beforehand that gave them the right to cut his show off at a moment's notice for objectionable content -- and, presumably, that's what happened here.

As for the rest of the concert ... pretty standard. KW was up there performing alongside Ty Dolla $ign as they went through the 'Vultures' tracklist. His daughter, North, got onstage too and performed her verse on 'Talking/Once Again.' And yes, the place looked relatively packed.

There was one other interesting moment that stood out from the show ... Ye compared himself to "canceled" celebs -- and specifically name-dropped Bill Cosby, R. Kelly, and Diddy.

Like we said, 'Vultures' didn't end up releasing on any major streaming platforms -- so his fans that weren't there were left disappointed yet again. It's unclear if he'll actually drop it.