Britney dumped her boyfriend of 18 months ... after finding out there's a video of him cheating on her that's being shopped around Hollywood.
David Lucado is seen in the video making out with a woman and dancing with her. It looks like they're in someone's living room.The video was shot in early August.
When Jamie got wind of the video he contacted the agency that was selling it and swiftly coughed up a SUBSTANTIAL amount of money to secure it.
Jamie -- who has been Britney's conservator for over 6 years -- then called Britney and told her he had something to show her ... and it was important. When Brit saw the evidence that was all she needed ... she immediately declared the relationship over.
Jamie's rep says us he took the action to protect his daughter from David and from the embarrassment of the video going public.
The video is under lock and key and will never be seen again.
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