EXCLUSIVE

The famous '65 red Chevy in "Pulp Fiction" that was stolen nearly 2 decades ago has been RECOVERED ... TMZ has learned.

The car was stolen from the movie's director, Quentin Tarantino ... outside of his house and there's been no trace of it ... until this last week.

Law enforcement sources tell TMZ ... cops zeroed in on a man suspected of classic car auto theft and arrested him in Southern California on Tuesday. He was NOT arrested for allegedly stealing Quentin's Chevy, but we're told the investigation led cops to the Oakland, CA area, where they found the Chevy.

Our sources say someone had changed the VIN number on the car, but they say it's definitely the legendary Chevy where John Travolta's character crashes the car into his drug dealer's house.

And get this ... we're told cops have been trying to get in touch with Quentin to tell him the car has been retrieved ... but they haven't been able to get through. So Hollywood.