Ja Morant has set social media ablaze with another apparent gun incident ... this time flashing what appears to be a weapon Saturday during an IG Live.

Morant is having fun in a car with a friend, listening to NBA YoungBoy's album. As the camera pans toward him, you see what appears to be the Grizzlies star holding a gun ... just for a second, and then the camera turns away.

Fans recorded the moment and it's making rounds on social.  What we don't know ... whether the gun's real, and whether it's his.

There was a previous incident in March with Morant and a gun ... he was at a Denver nightclub on IG Live, but later said the gun wasn't his.

This had its consequences ... Morant was suspended for 8 games without pay for the incident. However, police investigated and ended up not charging Morant with a crime. The NBA also did its own investigation and could not conclude that the gun at issue belonged to Morant. It was also unclear if he brought the gun into the club.

The 23-year-old enrolled in a Florida counseling program before returning to the court.

We reached out to a rep for the Memphis Grizzlies about the IG video taken Saturday ... so far, no word back.