A Chicago woman is currently in the hospital FIGHTING FOR HER LIFE - after she got "shanked" on a public bus. The entire incident was caught on tape, by a bystander - who streamed the stabbing on LIVE.

The incident started last week - when two women began arguing on the city bus in Chicago. The women appeared to know each other, and had a past beef. At one point in the argument one woman says to the other "I'm glad you are out [of] my building too " suggesting that they may have lived near one another in the past.

But the woman in yellow is CLEARLY the aggressor. She accosts the other woman , and threatens to fight her. The woman in Black stayed calm, and warned the yellow lady that she is "not one to be played with."

Then all hell breaks loose. The woman in Black pulls a knife - possibly in self defense - and repeatedly SHANKS her opponent. We're told that the woman was stabbed more than 20 times. She's currently in the hospital in SERIOUS CONDITION.

Here is the link to the video