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UFC's Cowboy Cerrone Almost Dies ... In Cave Diving Incident

UFC legend Donald "Cowboy" Cerrone says he's lucky to be alive after a major disaster during a cave diving excursion in Mexico ... but he told the Grim Reaper, "Not today motherf**ker!"

Cowboy is an avid diver -- and went to Cozumel to explore some of the underwater caves with a team of scuba divers.

FYI, some of the caves extend about 11 miles inland.

During the dive, Cowboy says he had a "catastrophic worst case scenario" when the gang was caught in a "silt out" ... which is when particles on the sea floor get kicked up, causing ZERO visibility for the divers.