Incredible moment Dodge veers from the road and plunges into Florida canal - narrowly avoiding a pedestrian

Home security footage has caught the moment a car plunged into a Florida canal before a fearless bystander dove into the murky water to save the driver. 

Video shows the Dodge Challenger speeding down Northwest 21st Place in Cape Coral, Florida, before crossing into a yard, hitting a bump and slamming into the canal.

Neighbors said it came within feet of hitting a child who stood by the water's edge.

'He was standing right on the edge of the canal and I can only imagine how he’s feeling,' said Lorraine Holder, whose security camera captured the incident on Sunday morning.

'I was just nervous, I was scared because after seeing the car go completely airborne, I was like okay, now this is something serious.'

Security camera footage shows the moment a Dodge Challenger careens off the road during a street race and crashes into a canal, narrowly missing a person who is standing by the water

The driver squeezes past the inflated airbag before disappearing back in the car as it floats in a Cape Coral canal

The bystander, who wears red, can be seen walking towards the water, oblivious to the two cars racing behind him.

He turns just as the Dodge veers off the narrow street onto the grass and begins to run away uphill.

The car plunges into the canal, sending up a spray of muddy water. An airbag appears to have detonated on the driver's side.

The driver reaches out the window and fumbles around before disappearing back in the vehicle.

The person returned with family members. A crowd begins to build as a blue car parks nearby and several people come running over, followed by a white vehicle.

Eventually a group of seven stands on the bank, watching the car sink as its windshield wipers flail helplessly.

A man in a gray t-shirt approaches on the opposite side of canal closest to the camera and the driver pops out again.

He appears to call to the man and the man begins to instruct him, pointing and gesturing. 

The person is oblivious to the cars racing behind him until one of them misses a turn and rips across the yard

It smashes into the canal and begins to sink underwater as the bystander turns and flees inside

He returns with family members and a crowd begins to form. Eventually, one of the men leaps into the water and paddles towards the sinking car

He rescues the driver and the pair make a terrifying dash to shore

Then a man in bright blue shirt on the opposite side of canal leaps into the water  and paddles over.

The driver leans out the left front window to greet him before the front half of the car is completely submerged.

Seconds later, the driver, who wears a white shirt, emerges from the water and his rescuer in the blue shirt puts an arm around him to guide him to safety.

They paddle back to shore, where the man in the blue shirt climbs up before helping the driver gain a hold on the railing.

By now, the car has almost completely vanished underwater. It bobs once before disappearing.

According to a report by Cape Coral Police, witnesses saw the Dodge Challenger racing a Mercedes at speeds of nearly 80 miles per hour down Northwest 17 Terrace.

The driver of the Challenger hit the brakes too late, ran over a palm tree and went careening into the canal.

He had to be cut out of the car, police say. No injuries were reported.

The incident was captured on Lorraine Holder's security cameras. While reviewing the footage, she was surprised to see the moment the car sunk into the canal on Sunday

Police say the driver had to be cut out of the vehicle. No injuries were reported

The man who rescued the driver is the owner of the house whose lawn he tore through as well as the grandfather of the boy he almost hit

On Facebook, Holder denounced the driver, writing: 'I pray that a lesson was learned'

The person whose yard the driver tore through is the one who dove into the canal to help save the man - even after the Challenger almost hit one of his grandchildren.

Holder posted to Facebook after the video from her security camera began to circulate.

'I’m thankful that the kid was not injured, the driver made it out of his car just in time,' she wrote.

But she had some sage advice for other drivers who may be keen to race another vehicle. 

'It’s all fun & games until something like this happens,' Holder said.

'My thoughts are if you think that this is ok to do in a residential neighborhood where children could be playing, something is wrong with you.

'You put a lot of others at risk, children, 1st responders, & the one who was brave enough to jump in to cut you free just before your car sank.'

She described the reckless driving as the type that should be reserved for 'a race track' and added: 'I pray that a lesson was learned & that you thanked God for keeping you.'