Ray J allegedly pulled a gun on Princess Love and threatened to kill a man during a completely unhinged live stream … and the whole incident was caught on video.

The chaos erupted early Thursday morning, when Ray went live from inside his home — immediately ranting that he was having “the worst Thanksgiving in the f***ing world,” claiming someone was trying to take his kids and that he was also being threatened.

Things spiral instantly … with Ray J appearing to snatch a handgun off the table and load the pistol, saying, “If these n***as step foot close to this door I’m going to blow this f***ing sh*t away, bro.”

That’s when everything blows up. Princess, appearing to be holding their daughter Melody, accuses Ray of pointing a gun at her — repeatedly telling him “you pointed a gun at us,” as Ray fires back, saying she and her cousin are drunk.

Princess claps back, calling Ray a “woman abuser.”

Seconds later, a woman and a man enter … the man confronts Ray, which triggers an explosion — with Ray snapping, “I’ll shoot the f*** out of you.”

The camera gets set down as the audio keeps rolling … and it sounds like Ray J continues threatening the man, shouting, “I’ll kill you,” followed by “Get out of my house before I shoot you right now. I got a gun on me.”

Crying from a child can be heard … as police sirens approach in the background. From the audio, it appears officers arrive and begin securing the scene — describing the home layout over their radios.

It also sounds like Princess is speaking to an officer and explaining what happened — at one point saying, “My son told me there was a gun on the table” — but the audio is muffled.

Law enforcement sources tell TMZ … cops got a call around 4 AM to a residence in Porter Ranch. We’re told the call came in as a possible domestic violence incident involving threats. Officers arrived, cleared the residence, and took the suspect into custody.

We reached out to reps for Ray J and Princess Love … so far, no word back.