seems to be embracing Nazi sentiments yet again -- this time wearing a shirt with the face of a self-proclaimed neo-Nazi who's very well known in the metal scene.

Rapper JPEGMAFIA posted a pic Friday showing him standing next to Ye ... with the latter flashing his new platinum "teeth" and JPEG just muggin'. Just a few days ago, JPEG was publicly griping that KW wasn't acknowledging his talents in the studio ... now, this.

On its face, it looks like he and Ye made peace and came together for this photo-op -- but the bigger takeaway is Yeezy's wardrobe here ... specifically, what he's wearing up top.

It's a band T-shirt for the Norwegian black metal group BURZUM, and a photo of their lead singer Varg Vikernes plastered right below. The problem ... Varg is a known antisemite, something that's been well-documented in his career, for which he's faced legal trouble too.

The question ... why the hell is Ye wearing a shirt with a known neo-Nazi on it???

Of course, Kanye himself has been embroiled in nonstop controversy over the past year and change as it pertains to antisemitism -- and while he has attempted to walk those statements back of late, here he is within the past day or so rockin' a freaking BURZUM shirt.

It's possible Ye doesn't know about Varg's neo-Nazi ties -- but frankly, it's way too much of a coincidence considering the timing of everything. There's also an album cover connection.

When Kanye revealed the cover art for his new album "Vultures" .

.. folks quickly noticed that it looked very similar to BURZUM's album cover art over the years -- like, down to a T almost.

Now, if Kanye is aware who Varg is and what his ugly history entails -- which many suspect to be the case -- it would certainly seem to lend more credence to the notion that last month was ... well, kinda meaningless.

We already shed light on the fact that his mea culpa may well have been -- and remember, we just reported that he was said to have quite recently ... which were told was rambling and all over the place.

With this latest development ... we're not really sure Kanye stands on all this. On its face, though ... it would appear not much has changed in terms of how he feels about Jews.