The full-frontal shot of a leggy blonde waving from a train appeared during a BBC Breakfast report at 7.23am.
She was said to have advertised the InterCity 125 train when it was launched in the 1970s.
Reporter Richard Westcott made no reference to the nude as he reported on the loco’s replacement.
And presenters Bill Turnbull, 59, and Sally Nugent, 43, carried on without batting an eyelid.
But viewers set Twitter alight after spotting the boob.
Lindsay Cardwell tweeted: “Naked lady slipped through editing net hanging out of high speed train @BBCBreakfast!”
Did @BBCBreakfast just show an advert of a naked woman advertising a train??
— ★★★ tony ★★★ (@tonydavidwood) July 15, 2015
And stunned Tony Wood wrote: “Did @BBCBreakfast just show an advert of a naked woman advertising a train?”
But reporter Richard insisted the babe was not nude, tweeting: “It’s a proper old British Rail ad… she had a costume on…”
And a BBC spokesman said the woman had been wearing a flesh-coloured bikini, with the grainy footage making her look naked.