Chet Haze Instagram Shut Me Down ... But Admits Screw Up

6/4/2015 4:23 PM PDT

Instagram was trigger happy when it deleted Chet Haze's entire page in response to him dropping the n-word in a post -- but it's now making amends with Tom Hanks' son.

Chet's profile was deleted on Wednesday ... hours after he posted a video elaborating on what he describes as his right to say the n-word. In the clip he says, "What's up my n**ga?" 

That pissed off some IG users who flagged the video as offensive.

Instagram removed Haze's account, but now says it acted too soon. A rep tells us, "When reviewing reports from the Instagram community, we do not always get it right and we wrongly removed this account." They've since reactivated Chet's page ... including the video.

So, let's review ... the n-word is okay on IG (freedom of speech and all) -- but nipples, still a no-no. We're looking at you, Chelsea Handler.