1:20 PM PT -- Pras saved the song's outro bits for his IG stories ... apparently, Lauryn Hill values serving clickbait and buying Gucci bags over keeping her word.

Pras has nothing but time now that The Fugees' anniversary tour is no longer happening, and TMZ Hip Hop obtained his newest track -- ripping Lauryn Hill and addressing his federal case.

On the track "Bar Mitzfa," Pras incorporates a rock 'n roll-rap hybrid to air his frustrations when he raps, "Don't blame me, blame her, she made the mess ... not another f***ing penny, is what I told [Wyclef Jean]."

We're told the song was recorded sometime last week, when Pras needed to blow off steam ... on the heels of low ticket sales shutting down the legendary hip hop trio's reunion plans.

Remember, Pras agreed with fed-up fans that Lauryn's reputation for being late and missing shows justified them boycotting the concerts.

You gotta think, Lauryn's lateness also jams up his and the band's schedule ... not to mention any invited celebrity guests at the shows!!! After a while, everyone starts to treat the tour like a big joke.

"Bar Mitzfa" appears to amplify those feelings ... he's not tripping over the lost revenue. He's a founding member of the Diamond-selling rap group, and prides himself on their rep with the fans, above all!!!

He was present for the Fugees performance at the Roots Picnic, but skipped the Coachella and BET shows in the past.

Pras also lyrically reflects on his guilty verdict in his fraud trial last year. As we previously reported, several high-profile figures were scheduled to testify, and Pras calls out one in particular ... "Obama's name in the discoveries had to plead the fifth!!!"

For the record, Pras is appealing the verdict, and remains free because his sentencing hasn't even been scheduled.

The last time we caught Pras out, he admitted he first learned about the reunion plans from our reporting, and it's clear he and Lauryn still aren't speaking much.

Only Wyclef can settle the score between them now ... a clapback track from L-Boogie would also liven up the rap community!!! 👀