A race car driver is lucky to be alive after his vehicle went up in flames in a terrifying crash on Saturday night.

Another competitor is being hailed a hero after throwing himself into the flames to pull his long-time rival from the wreckage.

WATCH THE VIDEO ABOVE: Rival racer saves driver from fiery crash

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The car was engulfed in flames with driver Michael Saller still inside when his competitor, Jessie Attard, rushed to the burning wreck to help pull him out.

“It just blew up in a ball of fire. I could feel the heat, so I just yanked him as hard as I could,” Attard said.

Both men had to drop and roll to put out the flames from their fire-resistant racing suits.

Moments before, the pair had collided at Thunder on the Downs in Toowoomba, sending Saller into a wall and bursting the vehicle’s fuel bladder.

“As soon as I landed and I could see the orange flames come through the cockpit, they’re just screaming, ‘56, 56, you’re on fire, get out,” Saller said.

A tense exchange followed between the two Sydney men before Saller realised who had saved his life.

“It’s such a selfless act and something that I’m definitely grateful for,” he said.

Saller’s first thought was of his wife watching on from home with his newborn baby.

“Being a dad, your mindset changes as well and you’ve got a lot of other people to care for,” he said.

“She did tell me that if I do this another time, it’s probably going to be no more racing and playing chess only.”

It’s not Saller and Attard’s first meeting on the track and it won’t be the last, with the rival competitors ready to go again.

“When you put the helmets on, it’s war out there with everybody,” Attard said. “It’s always your friends in the pits and enemies on the track.”