His Airness' 23XI Racing -- along with Front Row Motorsports -- filed the lawsuit in federal court in North Carolina on Wednesday ... after the two teams say they refused to sign updated pacts with NASCAR over "unfair terms."

In the suit, the teams said they wanted more when it came time to extend their charter agreements beyond 2024 -- namely, a bigger piece of the revenue pie -- but France and NASCAR wouldn't budge.

Ultimately, they alleged the org. pressured them into agreeing to a "take-it-or-leave-it" offer that if they did not acquiesce to, they could risk losing their charters in the future.

Instead of signing on, the two teams filed their suit this week with the hopes that a judge would intervene ... and issue an injunction that would allow them to compete in the 2025 season without releasing their antitrust claims by putting pen to France's paper.

Eventually, they said in the suit, they want to stymie France and NASCAR's "unlawful monopoly power."

"I love the sport of racing and the passion of our fans," Jordan said of the lawsuit in a statement, "but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans. Today’s action shows I’m willing to fight for a competitive market where everyone wins."

Added Jordan's 23XI Racing co-owner, Denny Hamlin, "When I look around, I see that the best and most competitive sports in the world understand that when teams thrive, fans benefit, and that everyone who invests in making the sport a success should share fairly in that success. With the right changes, we can certainly make that a reality in racing."

Jordan and Hamlin founded 23XI Racing back in 2020. Their top drivers include Bubba Wallace and Tyler Reddick.