The rappers teamed up for the X-rated track, which was released alongside the music video on Friday.
Set in a vibrantly coloured mansion, it features the twerking stars frolicking with snakes and exotic cats.
A scantily-clad Jenner makes an appearance, as does Spanish singer Rosalia and US star Normani.
Cardi B had earlier warned fans the censored version of the single would feature on the music video because left unfiltered it was “too nasty” for YouTube.
Before the launch, Cardi B held a typically flamboyant livestream, discussing her lack of recent releases and dismissing several fan theories about her period of relative inactivity.
She laughed off rumours she was involved in a legal wrangle preventing her from releasing new material and said claims she was arguing with her label were untrue.
The rapper said the reason she had not shared new music was because she was unhappy with what she was creating.
Cardi B told Megan Thee Stallion “I’m so proud of you” and urged her to stay positive, after she recently revealed she had been shot in both feet during an incident in the Hollywood Hills.
Canadian rapper Tory Lanez, who was with Megan Thee Stallion, was arrested on a concealed weapon charge and later bailed.
Cardi B, no stranger to online tussles, told her fellow female rapper not to let social media “break you”. Megan Thee Stallion also hit out at trolls, saying their abuse hurts regardless of wealth or fame.