(TMZ) -- Master P is living a life of luxury -- not on his own dime, but thanks to his new girlfriend ... who dropped six figures to lace him up on Valentine's Day.

Sources close to the situation tell TMZ P's been dating Simin Hashemizadeh -- CEO at South Pacific Surgery Center in Bev Hills -- for several months, and she hooked him up with a white 2016 Rolls-Royce Ghost for $270,000. TMZ was told the new whip matches hers, and btw ... P already had a black one.

Cars 911 dealership tells TMZ Simin's gift was a total surprise to Master P, and that was just the start. TMZ was told she also got him a $50k pair of diamond earrings from VHS Diamonds in L.A.

TMZ is guessing his estranged wife will find this very interesting.

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