Come hell or high water took on a whole new meaning when the ocean surface in the Gulf of Mexico caught on fire … and the video’s astonishing.

The crazy scene played out Friday west of Mexico’s Yucatan Peninsula … where the state’s oil company, Pemex, said a gas leak from an underwater pipeline triggered a blaze that looked more like a scene from Michael Bay’s next blockbuster.

You can see there are HUGE, bright orange flames shooting from the surface … looking like an erupting volcano. The video quickly spread like fire (sorry, not sorry) on social media … aptly dubbed, “eye of fire.”

Fortunately for all involved … the blaze, which went down 150 yards from a drilling platform, was extinguished. Nitrogen was reportedly used to control the fire. More good news … Pemex said no injuries.

And, for the environmental folks out there, a Mexican official said the incident didn’t lead to any oil spill … though the official also couldn’t explain what was burning.