John Travolta -- Alleged Benz Bandits Arrested

John Travolta's stolen vintage Mercedes has finally been recovered by authorities ... four months after it went missing -- and two men have been arrested in connection with the case.

TMZ broke the story ... Travolta's classic 1970 Mercedes-Benz 280 SL (above) -- worth approximately $100,000 -- was stolen right out from under his nose back in September.

The actor had parked it on some street in L.A. while he perused a nearby car dealership -- and when he returned just minutes later ... it was gone.

Now, Santa Monica police claim the car has been successfully recovered -- and two men, linked to a sophisticated auto-theft ring, have been arrested.

Police officials just released more information about the status of Travolta's recovered Mercedes -- and unfortunately, the prognosis isn't good.

According to officials, the car was chopped to pieces by the people who stole it ... police were only able to recover bits of the interior and certain parts of the exterior.