Red alert! And no, we're not talking about the hair.

When looking back on all the must-see fashion moments from Oscars weekend, Megan Fox certainly deserves credit for turning heads with her look at Vanity Fair's annual after-party March 12.

But while attending the star-studded event at the Wallis Annenberg Center for the Performing Arts in Beverly Hills, Calif., the actress wasn't wearing her engagement ring. In fact, her fiancé Machine Gun Kelly was also missing from the event.

It won't help the couple's breakup rumors, which sparked last month partly because of their social media behavior.

"You can taste the dishonesty," Megan, quoting Beyoncé's "Pray You Catch Me," wrote in a cryptic Feb. 12 Instagram post. "It's all over your breath." She then continued to fuel breakup speculation by deleting pictures of MGK off her grid. 

But when cheating rumors surfaced, Megan quickly set the record straight.

"There has been no third party reference in this relationship of any kind," she wrote on Instagram Feb. 19. "That includes, but is not limited to...actual humans, DMs, AI bots or succubus demons."

While the status of Megan and MGK's relationship remains unclear, one thing was certain this weekend. The Jennifer's Body star wanted to go big for her Oscars after-party look.

While working with stylist Maeve Reilly, Megan chose a Miss Sohee Couture dress for her final look.

"We wanted to do something that's different, but also still me," she explained to Vanity Fair. "I have this obsession with the story of Greek mythology, but basically coming back from the underworld, what would you look like if your hair was set? If all the fire and brimstone from hell was in your hair, you were the queen of the underworld, what would you look like walking the red carpet?" 

As for the hair, celebrity hairstylist Dimitris Giannetos helped perfect a fiery red lob using UNITE Hair. "My inspo was the little mermaid," he said. "She's wearing a beautiful black gown so we wanted the hair to look very effortless and modern."

For more must-see looks from the 2023 Vanity Fair Oscars After-Party, keep reading. 

In Bach Mai

In Zuhair Murad

In custom Zac Posen

In custom Maison Margiela

Sophie in Louis Vuitton

In Feben

Rita in Weiderhoeft

In Donna Karan

In Robert Wun

In Gabriela Hearst

In custom Chrome Hearts

In Dolce & Gabbana

In Jean Paul Gaultier 

In Balmain

In custom Saint Laurent and YSL Beauty

In Celine

Jodie in Gucci

In Valentino Haute Couture

In Louis Vuitton

In Stella McCartney

In Zuhair Murad

Kate in Monique Lhuillier

In Alexander McQueen

In Celine and YSL Beauty

Dwayne with a Vacheron Constantin watch, Gabrielle in Ralph Lauren