"Saturday Night Live" took a swing at Kristi Noem this weekend ... zeroing in on her husband's alleged secret life in a headline-grabbing Weekend Update segment.

Cast member Sarah Sherman appeared as Bryon Noem, decked out in tight pink biker shorts and exaggerated fake breasts ... a clear jab at a Daily Mail report claiming the former South Dakota governor's husband dabbled in a so-called "bimbofication" fetish.

Sherman didn't hold back ... joking to Michael Che ... "My eyes are up here, my nipples are out here," and daring anyone to kink shame her on national TV.

The sketch also dragged Kristi into the mix -- referencing her past controversy over shooting her dog -- when another cast member popped in portraying her with a rifle, quipping ... "Did someone say puppies?"

The bit was inspired by a report published last week alleging Bryon snapped photos of himself in women's clothing with oversized fake breasts and chatted with adult performers about their surgically enhanced bodies -- even allegedly saying he wanted "huge, huge ridiculous boobs."

Kristi's camp responded to the report, telling the New York Post she's "devastated," adding in a statement, "The family was blindsided by this, and they ask for privacy and prayers at the time."

Bryon has not publicly commented.