Fighter Jet Crashes at Michigan Airshow, Pilots Eject Right on Time

A fighter jet crash landed in Michigan this weekend -- and while the aircraft going down is jarring itself, what's even crazier ... the 2 pilots were able to escape right in the nick of time!

The incident went down Sunday in Ypsilanti near the Willow Run Airport, where the Thunder Over Michigan airshow was being held ... and MiG-23s were doing their thing up in the sky, entertaining people down below.

Toward the end of the event, one of the fighter jets started to clearly lose control as it torpedoed toward the ground ... and it became evident that it was going down.

Smoke was seen emitting from the plane, and even some debris appeared to be falling off as it descended. Soon, it was nosediving ... and it eventually crashed, creating a loud boom and an explosion. Fortunately, the two dudes who were flying the thing ejected themselves.

The moment they were catapulted out was also caught on video ... and it's wild. Reports say the two pilots have since been recovered and are expected to be okay. It's unclear where exactly the jet ended up landing, or if there were any injuries or fatalities as a result.