Jennifer Lopez and Cameron Diaz presented a pair of awards at the Oscars and they may have been joined on stage ... by JLo's areola.

The debate is raging on Twitter ... was it a nip slip? Maybe a shadow? Watch the clip and tell us ...

ncG1vNJzZmivp6x7tbnZZ5qopV9nfXJ%2BjmlpaGpmZLemus2inZ6qXaG8sbHZZqWiqKChsm6%2Fy6KnZqejmK6zv44%3D