The Game -- Allegedly Pulls GUN in Fight with Rapper 40 Glocc

Video has surfaced of rapper The Game ferociously beating up a former G-Unit rapper named 40 Glocc ... and now the victim claims Game pulled a gun right before the fight.

The cell phone footage -- some of it shot by The Game -- shows the rapper confronting 40 Glocc in the middle of a Hollywood street ... saying, "You wanna finish it? You wanna finish it right here?"

Game then proceeds to throw a barrage of punches at 40 Glocc ... some of which connect right in the rapper's face.

During the footage, 40 Glocc tells the camera, "I just got jumped, n*gga."

The Game continues to throw punches and calls 40 a "punk ass n*gga."

As 40 tries to flee the scene, Game shouts, "There ain't gonna be another one, n*gga."

Game points the camera at his shoes, which contain blood spots.

After the fight, 40 Glocc tweeted about the incident ... saying Game "chased me down with a pistol ... N*gga has to have a gun drawn on me."

For some reason, Glocc says he will NOT pursue legal action against Game.