Diddy is about to be hit with lawsuits for sexual assault and abuse, and a Houston-based law firm representing over 50 accusers is telling some of their stories for the first time … and TMZ is streaming live.

Attorney Tony Buzbee is holding a press conference today at 1 PM CT in Houston, where his firm will reveal new allegations against Diddy.

Buzbee — a big-time attorney who has sued a bunch of celebs including Travis Scott and Chris Brown — claims his clients were raped, sexually assaulted and sexually exploited by Diddy and his associates.

As we reported … Buzbee’s law firm announced Friday they were repping more than 50 alleged victims who came forward with “gut-wrenching” stories about what went down at Diddy’s alleged “Freak Off” parties.

Buzbee described the “mindboggling” allegations as “debauchery and depravity, exacted by powerful people” and said the alleged victims would soon tell their stories.

That time is now … and it will be interesting to see what Buzbee and his clients have to say about Diddy here.

Meanwhile, Diddy is facing a mountain of other lawsuits … sitting in jail as he awaits trial following his arrest and a federal indictment.

Diddy’s pled not guilty to charges of sex trafficking, kidnapping and racketeering in the federal case.

Marc Agnifilo, Diddy’s attorney, is fighting hard for the Bad Boy Records founder … claiming the feds are gunning for Diddy simply because he’s a “successful Black man.”