The young mum was allegedly set upon by three women "for wearing a headscarf" as she walked towards private Islamic primary school Al-Khair in south London.
She was going to collect her two young children on Thursday when a number of women started "shouting and hurling abuse".
The mother, who wished to remain anonymous, told the London Evening Standard: "They pulled my headscarf off and started punching and kicking me.
"One was dragging my head down while the others were hitting me.
"They were being so racist and using derogatory terms."
She said she was left with whiplash and chunks of hair missing, but suffered no significant physical harm and the London Ambulance Service was not called.
The alleged attack in Derby Road, Croydon, close to the school, only stopped when another parent jumped in, according to police.
Officers were called to the scene at about 3pm. Two women, aged 18 and 35, were arrested on suspicion of racially aggravated assault.
They were taken to a police station before being bailed to return at a later date. Officers continue to investigate, Scotland Yard said.
A Metropolitan Police spokesman said: "We take any offence seriously. We have made two arrests in connection with our ongoing investigation."