Chilling video of the shark attack on a child at a Bahamas resort shows the 10-year-old boy screaming in pain ... as his family panics to get him out of the water.

TMZ obtained video of the moment a shark in one of the tanks at the Atlantis Bahamas resort on Paradise Island took a bite out of a 10-year-old boy from Maryland ... a freak accident that's been absolutely horrifying to hear about, but which can now be seen.

Watch ... another family is filming the shark tank and water slide, when suddenly -- they hear screams from the opposite side  ... with people hurriedly surfacing from an underwater experience with nurse and reef sharks.

Shrieks fill the air and folks start calling for help ... and the boy is pulled to the edge of the tank and dragged out of the water. It appears staffers immediately started tending to him.

The shark attack went down Monday, with the Royal Bahamas Police Force saying the boy was bitten on the right leg, and taken to a hospital in stable condition. The extent of his injuries is unknown -- but on its face, it looks and sounds incredibly painful.

The resort's swimming with sharks experience, which is operated by an outside company, has since shut down ... at least temporarily. Makes sense -- ya gotta imagine this might spook folks for a bit.

In the meantime ... be safe out there, everyone.