Villeneuve is the brother of deceased race car driver Gilles Villeneuve.
According to Radio-Canada, Villeneuve's snowmobile collided with American racer Michael Soucy's vehicle while driving on a curve.
Villeneuve's snowmobile went off the track.
He was airlifted to hospital with a leg injury. He also reportedly suffered from respiratory problems but was conscious when rescue workers took him to the hospital.
Villeneuve was involved in a similar incident three years ago.