Miley Cyrus NO Engagement Ring -- Trouble in Paradise with Liam Hemsworth?

Miley Cyrus made a HUGE statement last night without ever saying a word ... 'cause she went out in public WITHOUT her engagement ring ... in the wake of rumors her fiance cheated on her.

Miley DID have some jewelry on her hand when she went out in L.A. last night ... in fact, she even had a couple of rings on her ring finger ... just NOT the giant rock Liam Hemsworth gave her when he proposed.

The timing is interesting ... 'cause there have been reports that Miley was angry with Liam ... who was recently spotted in the back of a car with actress January Jones.

Just a few hours before she went out in public yesterday, Miley had tweeted that she had NOT called the wedding off.

Then again ... 'lotta stuff can happen in just a few hours.