Jacob Elordi Looks Like He's Packing Heat as He Tans Shirtless With Olivia Jade

Here's a shirtless Jacob Elordi soaking up the sun with girlfriend Olivia Jade ... and the most interesting thing has to do with what's going on under his shorts. The actor's got an obvious bulge in his green swim trunks ... and, frankly, it kind of looks like he's getting aroused. Jacob's hitting an e-cigarette and boning up on Jean Cocteau's book, "The Art of Cinema" ... and there's a few more penis jokes we…