5:45 PM PT -- Kreshendo's singing a way different tune than Shaboozey when it comes to their deal, and it's now suing him ... accusing him of fraud.

In the docs, the record label admits it agreed to let the singer out of his deal in 2019 -- however, it says there were strings attached. Kreshendo claims his exit deal still allowed them to collect money on all his musical compositions, and they allege he knew damn well that was the arrangement.

They say Shaboozey is only acting like he didn't know, because "Bar Song" became such a massive hit, and he doesn't want to share the wealth with his old label. So, now Kreshendo is suing him for more than $2 million.

Someone's really gonna need another shot o' whiskey!

Shaboozey ain't just getting tipsy these days ... he's also making some sober legal decisions -- suing his former record company in a bid to get back his songwriting rights.

The singer-songwriter filed a lawsuit against Kreshendo Entertainment, claiming they're making it impossible for him to regain publishing rights to his music ... despite a provision in his contract which lays out a clear road map for doing so.

In 2019, Shaboozey says he terminated his publishing agreement with Kreshendo -- a company he'd been with since 2016 -- and he later personally took the company's place in a deal with music publisher Warner-Tamerlane.

According to Shaboozey, there's a clause in the contract allowing him to pay off 110% of the unrecouped balance of prior advances to Warner in order to regain control of his publishing rights ... which are way more lucrative since "A Bar Song (Tipsy)" blew up.

Shaboozey says he asked Warner-Tamerlane to tell him what he owes so he can officially get out of the deal ... but, he claims they refuse to tell him -- adding he thinks Kreshendo's asking the company not to share the info to keep Shaboozey in the deal.

The star's also suing Kreshendo for allegedly releasing several songs without prior consent from him after he terminated the contract back in 2019.