Ventnor Coastguard Rescue Team are tending to the youngster, who onlookers say was in difficulty just off the shoreline.
The child and their half-inflated doughnut rubber ring are now safely back on the shore thanks to members of the public.
The alarm was raised via a 999 call at around 15:15 when beachgoers spotted the child waving their arms.
Meanwhile, a separate incident in the same location has also required the assistance of Ventnor CRT. An injured person is being carried off the beach via stretcher and transferred into an awaiting ambulance.
UPDATE – The child has now been reunited with their parents and the injured casualty, who is thought to have fell on the beach, has been conveyed to St Mary’s Hospital.