media_removed_toofab 102011

Olivia Wilde
went incognito on the set of her new film last night -- but her disguise still attracted some major attention!

The sexy star was spotted filming scenes from "Burt Wonderstone" on Wednesday, where she went undercover in a revealing, sparkly red Lucha libre costume ... complete with mask and cape.

Jim Carrey was also seen on the set, in costume as a giant pinata.

Wilde reportedly plays the assistant to Carrey's magician character in the flick, which also co-stars Steve Carell and Steve Buscemi.

Check out more sexy set shots above!

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