This wild footage is circulating on social media ... it begins with a woman standing on the freeway, throwing punches at another gal who's sitting in the driver's seat -- and the one slinging haymakers happens to not be wearing any pants.

Check out the clip ... the nude woman is smacking at the other -- booty cheeks fully out -- while the guys filming from their own car cheer her on. She's getting some good licks in too, holding her combatant by the hair and throwing some vicious hooks at her face.

It's a chaotic scene, and the driver tries to get away by speeding off. Unfortunately, as the driver makes a run for it ... she catches her assailant in the door and ends up dragging her on a very scary joyride.

As the car pulls back onto the freeway, it nearly runs into several other vehicles -- door still open, mind you -- before zooming away from the scene. Thankfully, doesn't seem any of the other drivers ended up getting hit ... it also appears both women ended up in the car.

No word on what happened to these two ladies ... but hopefully they ended up okay.