'Sex Toy' Christmas Tree -- DEFLATED ... Vandals Had It Up to There

The giant butt-plug shaped Christmas tree in France was deflated early Saturday morning ... after a group of scoundrels pulled off a dastardly plan to take it down.

In case you missed it, a 24-foot tall statue called "Tree" was unveiled Thursday in the ritzy Place Vendome shopping area of Paris ... and people couldn't help pointing out what it actually looks like.

Turns out some Parisians are pissed about the statue ... and an unidentified group of vandals managed to cut the chords holding up "Tree" -- so the whole thing toppled over.

The call was made afterward to deflate the "butt-plug" tree.