The incident occurred in the High Street shortly before 18:20.
Fire crews are in attendance alongside Police and the ambulance service.
UPDATE @ 19:10 – Fire crews from Ryde and Sandown attended the incident outside the King’s House pub but have since left the scene.
Island Echo understand at least one person has been taken to hospital by paramedics however their injuries are not thought to be serious.
The road has been cleared and reopened. Southern Vectis buses have resumed a normal service after being diverted earlier on.