Michael Jordan & Charles Barkley's Beef Squashed?

Seems the feud between Charles Barkley and Michael Jordan is over -- because the two hugged it out in NYC Tuesday night ... after a cold war that nearly killed their friendship.

Barkley has been very open about how his friendship with MJ fell apart over criticisms he made about the NBA legend to the media.

Long story short ... Barkley had said Jordan was doing a bad job as the chairman of the Charlotte Hornets and MJ took it personally and stopped talking to him. He talked about the rift with Graham Bensinger earlier this year.

But last night in NYC, the two superstars came together ... and it was all documented by Kenny Smith.

Turns out, Barkley and Smith were at the Broadcasting and Cable Hall of Fame ceremony -- and after the event, MJ came over to congratulate the "Inside the NBA" stars.

They hugged, they smiled and it seems like things are water under the bridge.