Breaking News

Wrestling legend Jerry "The King" Lawler -- and his 27-year-old fiancee -- were both arrested in Memphis Friday morning after allegedly attacking each other ... and cops say a gun was involved.

It all went down at Lawler's home around 1 AM. Lawler's fiancee, Lauryn McBride, claims the 66-year-old hit her in the head and pushed her against a stove -- and then got an unloaded pistol and told her to kill herself.

But Lawler tells a different story, according to WREG.com, the WWE star told cops McBride scratched him in the face, fired a candle at him and then kicked him in the crotch.

As for the gun, Lawler told authorities McBride was the one who pulled it out. He also says she was very drunk at the time of the incident.

When cops arrived -- both Jerry and his fiancee were arrested for domestic violence.

7:14 AM PT-- A rep for the WWE tells us Lawler has been suspended indefinitely per the organization's zero tolerance policy on matters involving domestic violence.