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Kanye West is in the throes of a serious bipolar episode, our Kanye sources say, and those around him are concerned it has impacted his decision-making and some of the things he's said in the last week ... sources close to Kanye tell TMZ.

Our Kanye sources tell us, he suffers a serious bout with his bipolar disorder, usually once a year ... and our sources say Kanye's in the midst of one now.

As you know, Ye announced he's running for president via Twitter over the weekend, and also did a rambling interview with Forbes ... which drew harsh criticism, confusion and concern.