They say a car was eastbound on Bloor when it left the road and hit a light standard shortly after 3 a.m..
At some point, the vehicle caught fire. Firefighters could be seen inspecting the smouldering wreckage, as well as the pole, which landed on top of the car.
Witnesses say they saw two males running from the scene and at least one of them appeared to be injured.
Police dogs have joined the search for the pair.