Firefighters were called to Warner Bros Movie World, Oxenford, about 12.45pm on Sunday, where the Green Lantern ride had malfunctioned.
Two carts were in motion when the rollercoaster stopped.
One was carrying eight riders when it came to a halt on a lower section of the track while the other was carrying six or seven people on an upper section.
The Queensland Fire and Emergency Service has eight vehicles at the scene, including an aerial appliance, and crews are preparing to perform an aerial rescue.
No one has been injured.
People in the lower cart have been given umbrellas to shelter from the sun and bottled water, the Gold Coast Bulletin reports.
The highest point of the ride measures 33 metres and the rollercoaster reaches a top speed of 66km/h when in motion.
A witness later said part of the wheel components had fallen off one of the ride's cart when it was on a higher point on the track.
The cart made a "big bang" as it came to a stop, Brisbane man Stephen Moss told Fairfax media.
"There are two rows of seats in the carriage and the back row started to fall to the right," he said.
"It fell about 30 degrees and my wife and I thought these people were dead. We thought it would fall, but it went about 30 degrees and then stopped."
Warner Bros Movie World later confirmed the ride had malfunctioned due to "an issue with a wheel".
"The rescue team immediately assessed the situation and they have begun the evacuation efforts," a spokesman said in a statement.
"No injuries have occurred. Evacuation efforts are ongoing."
Following the evacuations a team of engineers will investigate the cause of the mechanical issue before the ride is reopened, the spokesman said.
