EXCLUSIVE

Joe Francis was handcuffed just minutes ago in Beverly Hills, after a car accident with a female motorist that ended in an all out physical fight.

The "Girls Gone Wild" creator was driving his Bentley on Rodeo Drive when his car collided with a female driver. We're told the two began arguing over who was at fault. Francis tells TMZ ... the woman grabbed his cell phone as he attempted to snap photos, and cops say at that point the two engaged in mutual combat.

Cops say both suffered minor injuries. Francis says his finger was cut when the woman tried to grab the phone.

Police un-cuffed Francis and decided no one would be arrested.