The heated exchange played out around 4 AM Monday in the parking lot of Coco Miami, with Tekashi and his entourage beefing with another crew ... and tensions were high.

Folks who were there say Tekashi had been partying with a bunch of women inside Coco's VIP section before the scuffle ... and it seemed like a couple of guys wanted to pick a fight.

Video shows Tekashi repeatedly being approached outside the club. His team holds him back ... and the scuffle spills out into the street before 69 is herded back into his waiting Rolls-Royce.

The tension is clear in the video and it feels like a powder keg waiting to explode ... there's lots of pushing and shoving, and a woman gets clocked when one of the aggressors is shoved into the valet stand, knocking over its umbrella.

An unmarked cop car pulls up and sirens blare ... and that's when the scuffle slowly dissipates and Tekashi is able to make his escape.

Miami Police tell us there were no arrests made and no police reports filed.