Disney World just can't seem to catch a break these days ... Another person has suffered a medical emergency during a trip to The Most Magical Place on Earth with a dramatic video showing bystanders trying to save him.

Sources with direct knowledge tell TMZ ... a man collapsed Thursday night while watching the new "Disney Starlight: Dream the Night Away" parade in the Magic Kingdom. A fellow paradegoer, clad in a Disney jacket and Mickey ears, is seen doing chest compressions as a security officer puts on gloves in an effort to assist. TMZ.com

Florida's Orange County Sheriff's Office tells TMZ ... deputies received a medical call, but it was ultimately handled by the Central Florida Tourism Oversight District.

We've reached out to CFTOD for more information ... so far, no word back.

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