The catchy, yet sexually charged, song is by Pink Grenade and features rapper Bim Fernandez spitting lyrics like, "I know you want my lipstick on your dipstick, my lipstick on your dipstick."
Clearly hinting at oral sex, Bim raps and sings while Holmes and her music video co-star are dressed in white and slap red, yellow and pink paint all over each other.
"Your last girl must have been a tease, the way I turn you on with my big ole double Ds," Bim raps.
WARNING: Music Video Contains Adult Language & Content
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"I'm goin' down, down, to the playground. I'm goin' down, down, to the playground."
Holmes got involved with the video through Bim, a billionaire heiress and one of the singers in Pink Grenade, the production team tells Radar.
"When we all heard Ashlee Holmes was going to be in our video for Lipstick, at first we were all very skeptical because we heard all the rumors of her being so hard to deal with, etc," Bjorn of Pink Grenade told Radar.
"It was quite the opposite. She was extremely professional and very easy to work with. We all clicked with her and immediately and became great friends."
Bim echoed the love for Holmes saying, "Ashlee loves our song Lipstick and she said her mother does too — so she was amazing support for us during the shooting of the video. Ashlee is also a great makeup artist, so playing with paint and lipstick was right up her ally for her being in the video."
"It ain't over motherf**kers. Yo, when she says Lil Kim she ain't talkin' about the rapper," a guy says at the end of the video.
"No disrespect to Biggie's homegirl. What she's talking about is Kim Kardashian. That's right. Because Kim Kardashian, she has little money, next to Bim's big money. So yeah, f**k you Kim Kardashian."
Holmes then blows a kiss to the camera while the man says, "F**k your whole family."
"There is a lyric in the song 'F**k Lil Kim they call me Big Bim,' but it's a play on words, and it's not aimed at rapper Lil Kim, but Kim Kardashian," co-producer Jonathan Hay told Radar.
"Around our camp at SMH Records, we refer to Kim Kardashian as 'Little Kim', because as materialistic as it sounds, Kim has little money compared to Bim's money. So move over Kim, here comes Bim. Listen to the end of the song to hear the message for the whole Kardashian family."
What do you think of Ashlee's video and the diss to the Kardashian family? Sound off in the comments below . . .