Two people have been arrested in Memphis after a repo man had his head run over in a shocking video that has since gone viral.

Nicholas Wray and Brandi Revels were arrested Friday -- both on suspicion of aggravated assault for the harrowing incident that took place Wednesday.

In the insane video ... a repo man is attempting to hook a red Ford Fusion and tow it away, but another man -- presumed to be Wray -- hopped into the car and started it.

With the poor repo man's head and torso under the car, the driver slams into reverse -- running over the man's melon!

Memphis Police Dept. told TMZ ... the repo man sustained abrasions on his head and was experiencing arm pain ... and he "had to be shook in order to keep him awake." He was hospitalized in non-critical condition.

The victim posted his injuries online afterward ... showing him scraped up and wearing a neck brace ... but it could have been so much worse!