Break out the popcorn, we've got a can't-miss train-wreck documentary coming through ... it's the latest installment in the ongoing saga of the Fyre Festival ... and we've got a sneak peek of the impending drama!

Billy McFarland tells TMZ ... he's been filming a new documentary as he attempts to launch PHNX, a December festival he's billing as his big comeback. Billy says he's rented an island and that cameras are following every move ... waiting to see if it's a redemption story ... or another disaster. Getty

The project is expected to drop by late December or early January, and we're told the filmmakers are currently in discussions with multiple streaming platforms. Play video content

Titled "FYRE 2," the doc will explore one of the most infamous comeback attempts in entertainm

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