Rescue workers from the Kulsodharm Phuket Foundation were called to the scene, in Soi Thida, at around 11:45pm.
Emergency responders arrived to find two men had crashed their motorbike into a canal about four metres deep. The riders were injured and unable to climb out.
One of the riders suffered only minor injuries, while the other, later identified as Kriangkrai Srinaka, 25, sustained more serious injuries.
Using a ladder and stretcher, rescuers safely lifted both men from the canal.
According to the less-injured rider, the crash happened when an oncoming car forced them to swerve on the narrow road running alongside the canal. With no street lighting in the area, they lost control and fell into the water.
Mr Kriangkrai sustained abrasions and leg injuries and was transported to Vachira Phuket Hospital for further treatment.
Local authorities have yet to identify the car involved in the incident.