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.
“I think you can only describe it as dangerous, and that’s what we’ll be alleging the offence is, it’s dangerous, any type of hooning,” Superintendent Brett Jackson said.
Organisers of the car meet have postponed all upcoming meets and said they do not condone dangerous driving.