Akon SUED -- You Owe Us $127,000 For Your Crappy Website

Akon's attempt to create a social media website is blowing up in his face -- first, the site floundered ... and now a company that worked on it is suing him for more than $127,000 ... TMZ has learned.

Atlanta Business Video recently filed the lawsuit in Georgia -- claiming it was hired in 2011 to cut video for "Fantrace" but never got paid a stinking dime.

FYI -- "Fantrace" was created by Akon and 2 business partners who wanted it to be a Facebook-type forum where fans interact with celebs. Great idea, but according to ABV it was poorly executed.

ABV says it put in 1,023 hours of work -- worth $127,875 -- and wants to get paid ASAP.

We called Akon for comment, and he said -- "Konvict ... Muzik."

Actually, he hasn't gotten back to us yet. But that would've been awesome.