Nicole Kidman and Salma Hayek Exchange Words on Video at Balenciaga Show

7:38 AM PT -- A source with direct knowledge tells TMZ ... there's no beef between the women -- the clip takes place after the show ended and Nicole Kidman was on her way out.

Nicole Kidman and Salma Hayek exchanged words and put hands on each other at the Balenciaga show in France last month, according to a new video.

The actresses were attending the September 30 event as part of Paris Fashion Week -- and things got a bit tense as they posed for paparazzi photos.

Check out the clip ... Nicole is face-to-face with Salma, saying something to her.

Salma places a hand on Kidman's arm, gently pushing her back. Nicole pushes Salma's hand away and turns around to Katy Perry, greeting her with a kiss.

A shutterbug asks Nicole and Salma to stand together for a picture. But, Nicole makes a few more pointed comments to Salma while gesturing with her hands before she starts to walk away.

Salma looks somewhat flustered and, for some reason, says "Yes," please," to Nicole. She then poses for the cameras with Katy Perry instead of Nicole, who has already left the area.

Frankly, it's hard to tell what's really going on between Salma and Nicole. We've reached out to their reps to get to the bottom of it. Stay tuned.