2:31 PM PT -- Officials have announced the fire has been contained, all four crew members are in stable condition, and The Thunderbirds will be doing a meet and greet to sign autographs

Two fighter jets collided midair during an air show at Mountain Home Air Force Base Sunday -- and the terrifying moment was all caught on video.

Footage circulating online shows the planes tangling together in the sky before plunging toward the ground ... with four parachutes suddenly popping open moments later.

The base was immediately locked down following the crash during the Gunfighter Skies Air Show as emergency crews rushed to the scene and investigators launched a probe.

Thankfully, officials later announced the aircrew members involved were able to eject and parachute to safety.

The event returned after an 8 year break to celebrate aviation history and modern military power -- with flying demos, parachute stunts and appearances from the United States Air Force Thunderbirds.