Ay caramba!

Just a month after giving birth to a baby boy, new mom Penelope Cruz stepped out in Santa Monica on Wednesday -- and showed off a truly enviable post-baby figure. See more photos of Penelope's smokin' hot bod.

Visiting the offices of Hollywood producer Jerry Bruckheimer (the man behind Pirates of the Caribbean: On Stranger Tides, in which Cruz stars), the stunning Oscar winner, 36, looked every bit the international movie star in shades, clingy striped top and tight blue jeans.

(The slim star also flashed her huge engagement ring from husband Javier Bardem, a 3-carat sapphire ring worth a reported $30,000, according to sources.)

After an ultra-private wedding last year, Cruz and Bardem, 41, welcomed their first child in L.A., reportedly named Leo Encinas.

Although the Spanish superstar couple have remained fairly mum about their new family, Bardem couldn't help but gush while accepting a Goya Award in his native Spain Feb. 13.

"I dedicate [this award] to my wife and son for awakening my heart and smile every day," the Biutiful actor (who's also up for an Oscar this Sunday) said.