Pedro Pascal traded the red carpet for some red-hot company in Mallorca ... stripping down and soaking up the sun with male model Christian Hogue aboard a luxury yacht.

The actor was all smiles Tuesday as he kicked back with Christian, Jason Bateman, and Judd Apatow ... spending the day swimming, sunbathing and laughing it up at sea.

Pedro and Christian appeared especially chummy during some one-on-one time ... with the shirtless pair cracking each other up. Christian put his model physique on full display -- and Pedro treated the group to a few flips into the water.

Jason also ditched the shirt and showed off his beach bod in bright blue trunks ... chatting with Jessica Sklar before taking the plunge.

As we reported, Pedro was spotted earlier this week in Mallorca aboard a superyacht alongside "Friends" stars Jennifer Aniston and Courteney Cox.

Check out the gallery ... Pedro may be "The Last of Us," but he certainly isn’t vacationing alone!