Residents reported seeing the air ambulance landing on Nabbs Park.
Roads were closed while efforts were made to free the unconscious 18-year-old victim.
Members of the public also helped at the scene.
After the victim was freed he was taken to Nottingham’s Queen’s Medical Centre with serious injuries.
The full extent of his injuries is not yet known although they are currently believed to be life-threatening and he remains in a critical condition in hospital.
A Lincolnshire & Nottinghamshire Air Ambulance spokesperson said: “Our critical care doctor and paramedic crew responded to a report of an RTC in the Hucknall area on Sunday, Janaury 16.
"After landing our helicopter close to the scene the team treated a patient before escorting them to hospital in a land ambulance.”
Police arrested a 15-year-old boy on suspicion of causing serious injury by dangerous driving, taking a motor vehicle without the owner’s consent and driving without a licence and without insurance.
Detective Sergeant Matthew Dumbrell, of Nottinghamshire Police, said: “Our enquiries are ongoing into this incident and we are working hard to establish the circumstances of what happened.
“While we have made an arrest our investigation remains in its early stages and we are appealing for anyone who saw what happened or who may have recorded CCTV or dash-cam footage at the scene to please get in touch with police as soon as possible.”
Anyone who witnessed the incident or who has any information which could assist police with their enquiries is asked to call Nottinghamshire Police on 101, quoting incident 193 of 16 January 2022, or Crimestoppers anonymously on 0800 555111.
The boy who was arrested has since been released on conditional bail while detectives continue with their enquiries.