The man was seen sprinting towards the Clutha this afternoon after crashing his car into a truck on State Highway 8, and a witness reported seeing him jump into the river from a bridge.
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The Clutha, which is the swiftest river in New Zealand and carries the most volume, is in flood.
A police spokesman confirmed the man had been located and arrested.
A St John spokeswoman said he was assessed by ambulance staff and did not need to be transferred elsewhere.
Police began chasing the man in Roxburgh, when he was seen driving in an erratic fashion, then deployed spikes before Alexandra.
The man then crashed into a truck, before continuing to evade police by reportedly jumping into the river.
Emergency services were earlier at the scene of the crash on SH8, which closed the road for a time.
Two police cars were stationed near the crash, with officers diverting traffic down Earnscleugh Rd. Another car was stationed at the entrance to a track.
A witness told the Otago Daily Times they saw a man run towards the Clutha, with police in pursuit.
A police spokesman said the man failed to stop after being signalled to do so by police due to the manner of his driving on Scotland St in Roxburgh about 11.45am.
Spikes were deployed on Fruitland-Roxburgh Rd (SH8). The vehicle continued and collided with a truck.
There were no reported injuries.
The agency advised about 2.45pm at the road was open again.
