Diddy says he was "not black enough" to star in "Tropic Thunder."
The rapper admits he auditioned for the role of an African-American actor - famously played by Caucasian star Robert Downey Jr., who used make-up to change the color of his skin for the role - in Ben Stiller's movie, but was turned down.
He joked: "I have not been in any of Ben Stiller's movies. I guess I wasn't black enough to be in 'Tropic Thunder.' Robert Downey Jr. was a little bit blacker. I tried out for the role but I came up short. I put Ben in the video for my single 'Bad Boy for Life' and I thought he would return the favor."
The music mogul was among a host of celebrity guests at a black tie dinner honoring actor-turned-director Ben at New York's The Museum of the Moving Image on Wednesday night.
Other attendees included Jack Black, Mike Myers, Amy Adams and Robert De Niro - Ben's co-star in 2000 movie "Meet the Parents" and 2004 sequel "Meet the Fockers."
It was recently reported De Niro will be reprising his role as former CIA agent Jack Byrnes alongside Ben, Blythe Danner, Dustin Hoffman and Barbra Streisand in a third film in the movie franchise.
The movie is said to focus on Ben's character Gaylord Focker and wife Pam, played by Teri Polo, as they welcome their first child into the world.