Mountain Lion Seen in Kris Jenner, Khloe Kardashian's Neighborhood

Kris Jenner might have met her match in the cougar department -- a real mountain lion is prowling around her and her daughter Khloe Kardashian's Hidden Hills neighborhood!

Folks in the community tell TMZ ... the big cat was hanging out in a tree Wednesday morning, just a few houses down from Kris' pad, and it casually weaved in and out of tree branches before scaling down in a split second.

Mountain lion, which are native to the nearby Santa Monica Mountains, can hit speeds of up to 50 mph -- and this one wasn't shy about showing off. After a quick hangout on a neighbor's lawn, we're told it darted right back up the tree.

A neighborhood source tells TMZ that Hidden Hills residents are in full panic mode after the sighting -- especially because kids and pets are all over the place!

We're told folks have been blowing up Fish and Wildlife's hotline, but they've been told the agency is taking a hands-off approach due to a state policy, which says ... since it's technically the mountain lion's natural turf, they won't tranquilize or remove it.

As a precaution, the neighborhood's Round Meadow Elementary School was locked down for a while Wednesday morning until the big cat was out of sight.

It's unclear where the mountain lion's lurking now, but it's safe to say everyone in the area's keeping their eyes peeled and their doors locked!

For its part, the CA Department of Fish and Wildlife tells us it's not unusual for mountain lions to show up near residences, particularly in areas around wild animal habitats.

A rep for the agency confirmed ... as a conservation and natural resource management agency, it avoids interfering with wildlife movements whenever possible.