One person has been arrested on suspicion of a number of offences, including drug driving and failing to stop at the scene of an accident.
A man from Shanklin - also detained on suspicion of driving while disqualified, no insurance and possession of cannabis - remains in custody.
Police say they are aware of several reports of a silver Ford Fiesta (older shape) being driven between Sandown and Shanklin yesterday (Thursday).
Officers believe it may have collided with several other vehicles, both parked and being driven.
If you have any information/dash cam footage or believe you may have been involved in an incident with this vehicle, please contact police on 101 or report online quoting crime reference number 44200486513.