Officers from Hampshire Constabulary are currently attending the incident on Clarendon Road, Shanklin after being called to the scene at just before 09:55.
A red Citroen Saxo has come to rest on its roof in the middle of the carriageway having collided with a silver Citroen C3.
The cause of the crash is currently unclear.
The road, between Queens Road and North Road, is currently closed.
UPDATE @ 12:22 – Witnesses have told Island Echo that the driver of the vehicle fled from the incident. It is understood the vehicle had been stolen.
The incident has now been cleared.