Banksy's 'Girl With Balloon' Stolen From London Gallery, Caught on Video, 2 Arrested

Two men have been arrested following the bold smash-and-grab gallery heist of one of Banksy's most famous art pieces in London ... and the brazen theft was captured on camera.

A masked man is seen on security video Sunday night smashing through the glass door of the Grove Gallery ... storming in, making a beeline for the iconic "Girl with Balloon" painting, and bolting out with it in tow.

The artwork is one of several versions of Banksy's famous stenciled image of a child reaching for a heart-shaped red balloon floating away ... easily one of his most iconic pieces and reportedly worth a whopping $355,000.

London's Met Police confirmed Larry Fraser , 47, and James Love , 53, were still in custody Friday after being charged with non-residential burglary.

Police say the artwork's been recovered and is back at the gallery. The 2 suspects appeared in court Thursday, and are due back on October 9.