Police said support was required to get passengers off, and minor injuries were reported.
A photographer at the scene said a Shotover Jet boat was involved in the accident.
A jetboat crashed into rocks near the headquarters of Shotover Jet on Friday afternoon. The photo shows another boat being towed near the scene of the accident.
Three fire crews from Frankton and Queenstown are in attendance, and they are currently assisting police and ambulance services.
St John responded with one ambulance, and the crew assessed and treated five people in a minor condition. Two were transported to Lakes District Hospital.
Shotover Jet have been approached for comment.
In 2021 five people were injured when a jetboat crashed on the Shotover River.
In 2019, 10 people were injured after a commercial boat crashed into rocks.