The lady in the photo is Lorena Bobbitt -- who infamously sliced off her husband's penis back in 1993.

No, Peele's not making a new horror flick -- he's actually the executive producer of a 4-episode documentary series about her life called "Lorena."

The two are promoting the series at the Sundance Film Festival in Park City, Utah -- and everyone seems to be having a good time.

The real-life story of Lorena and John Wayne Bobbitt is intense -- she claimed she cut off his junk after he had raped her, allegations John adamantly denied.

Lorena later drove away with the severed penis and threw it into a field before calling 911.

Officials found the penis and it was surgically reattached. John later showed off his surgically repaired wiener in a series of porno videos ... claiming it was back to normal.

The case went to trial and John was found not guilty of sexually assaulting his wife.

Lorena was charged with malicious wounding -- but was found not guilty of due to temporary insanity.