Absolute tragedy in Mexico ... a massive fire ripped through a packed fairground, killing at least 5 people.

Video from the horrifying scene Thursday night shows huge flames tearing through the Parque Tabasco shopping mall fair in Villahermosa in Southern Mexico. Terrified crowds of fairgoers scrambled to escape flames and thick smoke billowing into the sky.

Officials say they finally got the blaze under control by Friday morning, according to Tabasco’s Civil Protection agency.

Tabasco Governor Javier May Rodríguez confirmed investigations are now underway to determine what sparked the deadly inferno ... and he also announced the state will provide economic recovery for impacted businesses.

Rodriguez offered condolences to the families of the 5 victims, saying some of those killed were fair exhibitors who just didn't have time to escape the most intense part of fire.