The "Nookie" band recently signed a deal with Cash Money Records ... and had been planning to put out a new record in the very near future.
But we're told plans came to a grinding halt recent;y ... when original members DJ Lethal and drummer John Otto were informed that Fred had a "new vision" for the group ... and they weren't part of the vision.
Sources tell us ... Fred has been upset with the guys for a while ... claiming their partying habits didn't fit with his lifestyle.
We're told the guys have not been officially 86'd from the group ... but they feel it might be headed in that direction unless they work out their issues, stat.
TMZ reached out to DJ Lethal ... who told us, "We've worked together the last 4 years to bring Limp Bizkit back to where it is today ... and to just be thrown out on the street after the band gets a new deal and a new chance at life isn't cool."
He adds, "You can't push away the people who helped you get there. The fans should know that if 2/5 of the original band are not playing at the concerts, it wont be truthful to them."