2:58 PM PT -- Prince's rep has now confirmed to TMZ that Prince was involved in a traffic accident and was struck by another vehicle while driving to his college campus. His rep adds, "he is now resting at home and thanks everyone for their well wishes."

Michael Jackson's oldest son, Prince, was taken to the hospital by ambulance Thursday morning after laying his chopper down on a slick Los Angeles street ... TMZ has learned.

Sources connected to the 20-year-old tell us, Prince was riding in light rain when he lost control of his bike. He was banged up enough that an ambulance was called and he was taken to a nearby ER.

MJ's son was lucky ... no broken bones, so after doctors checked him out he was released.

Prince was good to go and actually went right to Loyola Marymount University and made it in time for class.