The latest internet craze sweeping social media involves latex and water.

Dubbed the ‘Condom Challenge', the challenge sees dozens of videos posted online of participants sitting in a bathtub or outside while a friend drops a water-filled condom on their head.

Hundreds of people have shared videos of themselves taking part in a "Condom Challenge". Photo: Twitter.

In the same vein as planking, the frozen chook, and the ice bucket challenge, a "Condom Challenge" is now sweeping social media, complete with a hashtag, #condomchallenge.

Unlike the humble water balloon, a condom doesn't immediately break - which should come as a relief to those using them for legitimate purposes.

The water-filled sac hangs over the participant's face for several seconds, resembling a big fishbowl.

Sometimes it bursts and sometimes it doesn't - but not knowing whether you'll be soaked only adds to the excitement, reports Stuff.

However, it appears there's the potential for someone to get seriously hurt: plenty of participants say they can't breathe, as the latex clings to their nose and mouth, and at least one's complained of lubricant in their eye.

In a roundabout way, the meme is supposed to raise awareness about condom use.

Its origins have been traced back to a video tweeted earlier this month, which has since been retweeted more than 9000 times.

The trend shouldn't be confused with the 2013 condom challenge, which saw teenagers post videos online of themselves snorting condoms up their noses.