Conan O'Brien Makes Joke About Kendrick Lamar and Drake's Beef at Oscars

Conan O'Brien's confusing the Academy Awards with the Super Bowl ... 'cause he says the show's halfway done -- so, it's time for someone to quote Kendrick Lamar's "Not Like Us."

The show just came back from break ... and, Conan let everyone know the Oscars are at the midway point -- which means it's "time to call Drake a pedophile."

Conan's referencing Lamar's Super Bowl Halftime show performance last month ... when he rapped the song which calls Drake a predator. During that show, he did censor himself and didn't rap the word.

Conan's joke got a laugh ... and, he also assured everyone that he's covered -- 'cause he lawyered up before the show.

Conan hasn't shied away from making controversial jokes in front of the dozens of A-listers in attendance tonight. ICYMI, during his monologue he joked about Karla Sofía Gascón racist posts -- and, she's actually at the ceremony.

Of course, Drake has been the subject of a ton of jokes since Kendrick flamed his with the diss track last year ... a track which took home a ton of trophies at the Grammy Awards in February.

BTW ... while more than a billion people at home heard the joke, so did a ton of celebs in the building too -- click through our gallery to see all of them.