Emergency services rushed to Southsea Common at around 4.15am following the collision.
A red Vauxhall Astra crashed into a parked Volkswagen Scirocco before flipping over on its roof and setting on fire.
Southsea Fire Station shared a dramatic photo of the incident as motorists are being urged to ‘drive carefully’ in wintry conditions.
The driver of the Astra and the passenger have been taken to QA hospital in Cosham.
A spokeswoman for Hampshire Constabulary said: ‘We were called at 4.21am on Saturday 8 January to a report of a collision on Clarence Esplanade near to the Portsmouth Naval Memorial.
‘A red Vauxhall Astra collided with a parked Volkswagen Scirocco, losing control and landing on its roof before catching fire. Both the driver and the passenger of the Astra received minor injuries and were taken to Queen Alexandra Hospital as a precaution.
‘Minor damage was caused to the Volkswagen Scirocco.
‘A second vehicle, a BMW-3 Series, which is also believed to have been involved, was later located nearby by officers.
‘The road had been cleared shortly before 6.40am.
‘This incident is under investigation and enquiries are ongoing to determine the circumstances.’
A spokesman for Southsea Fire Station added: ‘We were called at about 4.15am, came through as a RTC and a car on fire and it was right outside the Portsmouth Naval Memorial.
‘We turned up and there was a car that had come slightly off the road, was on its roof and was completely engulfed in flames. Fortunately no-one was trapped in the car.
‘The driver and passenger were taken to hospital with minor injuries, but didn't appear to be any serious injuries.’
The spokesman then added the following warning for drivers to ‘remember to drive carefully in these wet and icy conditions’.
Debris from the collision was still visible on the common at around 8am, including part of a car bumper and a discarded Nike shoe.