(TMZ) - Simon Cowell's dignity has a price - $1 million - because that's how much someone paid to get him to sing the "Power Rangers" theme song ... in front of a giant crowd of rich people ... and TMZ has the hilarious video.

Here's what happened: Simon was attending a fundraiser for Friends of the Israel Defense Forces in Beverly Hills last night, and billionaire "Power Rangers" creator Haim Saban offered to donate $1 million if Simon sang the show's theme song.

And Simon actually did it. It's epic.

There's a pretty great twist at the end as well, resulting in Simon paying $250,000 of his own money. Watch the video to see what happens.

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