The unknown vehicle is understood to have crashed into a building shortly after 09:05, hitting a gas pipe in the process.
In the interests of safety, the road has been closed in both directions by Police and nearby properties have been evacuated.
Southern Gas are en-route to make the scene safe.
UPDATE @ 10:38 – Pier Street has now been reopened. Fire crews from Newport and Shanklin attended the incident.
Photos: Shane Thornton