The incident has occurred on Shide Road between Medina Avenue and Watergate Road.
Firefighters from Newport have been mobilised to the scene alongside other emergency colleagues.
It is understood at least 1 vehicle is involved.
Southern Vectis say their Route 38 buses are unable to service Watergate Roundabout and Medina Avenue until further notice.
UPDATE @ 16:42 – 3 people have been injured in this afternoon’s crash, including a female pedestrian who has received serious injuries.
Fire crews have removed the roof of the only vehicle involved – a Renault Clio – and have extricated the elderly male driver. A female passenger has also received medical attention.
All 3 individuals have been taken to St Mary’s Hospital by land ambulance.
The Hampshire and Isle of Wight Air ambulance has landed on the helipad at St Mary’s, although it is unconfirmed at this stage if this is in connection with the incident.
Police have cordoned off the area as investigations get underway.
UPDATE – The road is now open in both directions.
Island Echo understands the female pedestrian has sustained facial and jaw injuries.