— J Fisher (@JFisher_93) May 28, 2017
The 49-year-old seemed to oversteer on lap 122 of the 200 lap race as his car smashed into the wall.
The 1996 winner of this race, skidded into the wall as he was coming out of turn two and the big impact caused debris to scatter across the track.
Yellow flags had to come out as a safety car was deployed while the debris was cleared.
Lazier has since been taken to hospital due to complaints of mild chest discomfort.
The incident was the fourth caution of the race following Scott Dixon's horror crash with Jay Howard earlier on in the racing event.
Buddy Lazier suffered a nasty crash at Indy 500 Indy 500: Most spectacular crashes from Indianapolis Sun, May 28, 2017
Express Sport takes a look at some of the spectacular crashes from the Indy 500
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Jay Howard and Scott Dixon collided during the 101st Indy 500
Dixon and Howard came together on the bend and the former's car was sent flying into the air on lap 55 as the race was halted.
Replays showed Howard losing control and going straight into the barrier before bouncing back in front of Dixon's car.
Dixon was sent spinning into the air and his car smashed into the opposite barrier but both drivers emerged from their cars unhurt.
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