She is photographed in a bondage scenario with performer Ricky Sinz, who is seen on his knees, arms spread, with a bridle and bit in his mouth as Cho takes the reins behind him.
Fashion photographer Trevor O'Shana shot the duo. The issue was released digitally this week and hits newsstands July 14.
Unzipped Media Group Publisher Dustin Tyner notes Cho "transcends sexual stereotypes. The energy and sex appeal Margaret and Ricky bring to the article is amazing. The photos are electric and we're thrilled to have two iconic sexual adventurers on the cover."
Sinz is an exclusive performer with Raging Stallion Studios.
"What an exciting cover," company principal Chris Ward said. "Ricky Sinz has finally been put in his place and it took Margaret Cho to do it. Ricky is a major talent and he's going to go very far in the entertainment industry."
Ward said the company would adopt Cho as "our official Raging Stallion Super Bitch. We love her!"