The fight occurred when the two singers started arguing over a car parking spot, after controversial Brown (23) left Westlake Recording studio in Los Angeles.
He was blocked in by Frank Ocean (25) and several members of his crew.
Sources say Frank told Chris, "this is my studio and this is my parking spot."
Chris tried to extend the olive branch and went to shake Frank's hand but was attacked by one of Frank's pals.
An insider connected with Brown claimed one of the singer's friends "jumped in front and hit Frank's head" before Ocean "came at Chris".
The scene then escalated into a full on street brawl with the police being called. When they arrived Brown was no longer on the scene but police spoke with Ocean. The LAPD are currently investigating the altercation.
Later Ocean told his fans his version of events. "Got jumped by Chris and a couple guys lol," he wrote. "I only wish everest was there."
This is not the first time the two singers have been involved in conflict. Last July, Brown was forced to deny aiming a homophobic slur towards Ocean.
The parking spot brawl comes several months after Brown's infamous punch up with members of Drake's entourage on the dance floor of New York City's trendy W.i.P. nightclub.
Apparently the fight was sparked by the pair's mutual obsession with Rihanna, who they have both been romantically linked to. That bottle-throwing incident left several patrons injured.