Law enforcement sources tell us Pete and Chase Sui Wonders were involved in a car accident Saturday night around 11 PM. Our sources say he was behind the wheel of a Mercedes and driving at a high rate of speed through the Flats neighborhood of Bev Hills.

For some reason, we're told he lost control of the vehicle ... which hopped a curb, took out a fire hydrant and then proceeded to slam into the side of a nearby house ... dragging across the lawn and leaving skid marks on the grass.

Based on photos of the crash site, obtained by TMZ, it doesn't appear Pete went into the property ... but our sources say he did strike it and caused damage. Thankfully, nobody was hurt -- be it outside or in the home. Cops were called, however, and they responded.

We're told the preliminary view is that drugs and alcohol were not involved here, but an investigation is currently underway. Our sources also say no arrests were made on the spot, and that Pete and Chase were not cited either ... at least not for now, anyway.

Unclear what sorta interaction the two stars might've had with the homeowners, but ya gotta imagine insurance is gonna get involved for this ... at the very least. We've reached out to both of their reps for further comment ... so far, no word back.

It's pretty wild that Pete and Chase were back in L.A. in such a short turnaround ... remember, they were literally just photographed in Hawaii earlier that same day (Saturday) enjoying the beach together -- and they didn't seem to be in a rush getting back.

They must've left almost immediately after getting snapped by paps, 'cause a flight from the islands to L.A. takes a good 5 hours or so. Seems they were eager to be out and about as soon as they touched down. Pete even presented at the Kids' Choice Awards last night!