Planet Pit Exclusive: Pitbull speaks on Lindsay Lohan Lawsuit from Planet Pit on Vimeo.

Pitbull is feeling some major remorse over the lyric in his song that ticked-off Lindsay Lohan, and he's taped an apology to the star -- along with an invite to the VMAs next month!

Lohan is suing Pit because his song Give Me Everything includes a lyric she feels is damaging to her character.

Pitbull confessed when he first heard about the lawsuit, "I read it and thought no this has to be a joke!"

The rapper goes on to say it was all a misunderstanding, and it was actually meant to be a positive message. He confesses:

    "When I mention Lindsay in the record, it was a positive message and the quote they have out there is all wrong. When I say 'you got it locked up', if you got it locked up that means you run that area. For me, mentioning her on a number one record around the world, I thought it would be helping someone's career, and keeping them relevant."

The troubled starlet has beef with the line, "Hustlers move aside, so I'm tiptoein', to keep flowin' / I got it locked up like Lindsay Lohan."

Pitbull says the next step "is up the the attorneys. This is very fresh and I just wanted to make sure I spoke to the right person. We will be performing this at the VMAs and I'd like to send out a message to Linsday, maybe she can come to the VMAs and we can figure this all out."

Do think Lilo will accept Pitbull's apology?