Bembridge Coastguard Rescue Team are conducting a sweep along the banks of the creek, whilst Ryde Rescue 1 lifeboat carries out an on-water search.
The incident began sometime around 22:00 when concerns were raised that a person or persons could be in the water.
Island Echo is told that a homeowner heard screaming and raised the alarm with Police as he thought his boats were being stolen.
The search is ongoing at this time.
UPDATE @ 00:45 – Following a comprehensive search of the area, nothing has been found.
Search and Rescue Teams have now been stood down from the search.