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The meet at the Boatworks in Coomera yesterday morning was organised to raise funds for a cancer patient.
A driver, who was allegedly hooning as he left the event, lost control and smashed into a barrier near a group of spectators.
An 18-year-old man suffered life-threatening injuries and was taken to Gold Coast University Hospital.
A 16-year-old man also suffered leg injuries.
Police are investigating the circumstances surrounding the crash.
The driver is assisting police with their inquiries.
As of yet, no charges have been laid.
“Superintendent Brett Jackson stated, ‘I believe the only appropriate description is dangerous, and that is how we will be charging the offense. It’s dangerous, regardless of the type of reckless driving involved.’
Organisers of the car meet have postponed all upcoming meets and said they do not condone dangerous driving.