Police were informed of the accident at 2:07pm.
The street, Ranong Rd, is currently lined with stalls set up for the Vegetarian festival, which begins on Sunday.
One person was killed and many others were injured, police confirmed
The injured were rushed to Vachira Phuket Hospital, located on Yaowarat Rd in Phuket Town.
Police are investigating the accident, and have yet to reveal more details about the incident.