Terrell Owens -- I Was the Victim of a Hate Crime ... Might Press Charges

Terrell Owens could go from suspect to victim in that Starbucks altercation thanks to the video showing a heinous racist tirade ... and ultimately it may lead to a hate crime charge.

T.O. tells TMZ Sports he's been blown away by the reaction to the video we first posted ... showing a guy named Arman calling the ex-NFL great a "f***ing knuckle-running, spear-chucking, monkey-ass looking motherf*****" -- among other things. Owens says several people have contacted him and suggested he press charges against Arman for committing a hate crime.

You'll recall, Owens says Arman threw a cup full of liquid into his car, and when T.O. got out to confront him that's when things got racial. The language makes it seem like the attack was racially motivated. Translation: hate crime.

Arman denies throwing liquid into T.O.'s car, and maintains the whole incident started when Owens kicked him inside the Starbucks.

Police initially investigated the incident as a battery against Arman, but with one phone call to cops ... T.O. could flip the script.