The rap mogul's attorneys just filed new legal docs, obtained by TMZ, appealing the most recent order denying him bond.

In the docs, Diddy's legal team argues he poses no conceivable flight risk ... contrary to what federal prosecutors have been claiming.

His lawyers argued the $50 million bail offered has enough restrictions to address any possible concerns about witness tampering and flight risk package  ... as we reported, Diddy offered to have no female visitors outside of family as he awaits trial from inside his Miami mansion.

Diddy also says he would continue trying to sell his private plane, wouldn't contact any known grand jury witnesses, and agreed to submit to weekly drug tests.

This marks the third formal attempt to secure Diddy's release from jail as he awaits trial in his federal criminal case.

TMZ broke the story ... Diddy was busted Sept. 16 by federal agents in Midtown Manhattan at the Park Hyatt New York hotel and was arraigned the next day in court, where he was charged with sex trafficking, racketeering and kidnapping.

Diddy's arrest came six months after the feds raided his Miami and Los Angeles estates in connection with a sex trafficking probe.

A father of seven, Diddy has denied the various allegations leveled against him in this case and several civil suits ... and he pleaded not guilty to the criminal charges.

Diddy's lawyer, Marc Agnifilo, has declared his client is "an innocent man with nothing to hide" ... and he's currently being held in the Metropolitan Detention Center in Brooklyn.

It will be interesting to see if the third time is the charm for Diddy.