2:34 PM PT -- Sources with direct knowledge tell TMZ ... no settlement was struck between Madonna and the plaintiffs, and these guys dismissed the lawsuit on their own accord.

Madonna can put one of her concert lawsuits behind her ... 'cause it's been wiped away from the court docket -- and from the looks of it, a settlement may have been reached.

According to new legal docs, obtained by TMZ, Michael Fellows and Jason Alvarez -- the plaintiffs who originally brought this class action -- voluntarily dismissed their suit with prejudice ... which usually indicates some sort of arrangement was reached by the parties.

Remember ... Madonna was facing a class action lawsuit accusing her of starting her concerts late during her "Celebration" tour ... namely, a couple shows back in December in Brooklyn, when she took the stage well after the 8:30 PM scheduled start time.

Madge has been fighting to get this suit tossed from court for a few weeks now. As we first told you ... she filed docs earlier this month ripping the men suing her and arguing her real fans know she always takes the stage well after the scheduled start time.

There was drama last week, when the plaintiffs claimed a settlement had been reached with Madonna ... only for her legal team to say that was a bit premature. Now, in light of this, it seems they may have, in fact, come to terms since then -- although it's not entirely clear.

We reached out to lawyers for both sides to figure out what happened ... no word back yet.