Police said the vehicle collided with the group of men aged in their early twenties on Furtherwick Road, Canvey Island.
The two occupants abandoned the blue BMW 120D, and fled the scene.
A 17-year-old youth from Canvey was later arrested on suspicion of causing serious injury by dangerous driving, failing to stop after an accident and driving while unfit through drink or drugs. He remains in police custody.
An 18-year-old man from Canvey was arrested on Sunday on suspicion of causing serious injury by dangerous driving, driving while unfit through drink or drugs, aggravated vehicle taking, theft of a motor vehicle, failing to stop after an accident, failing to report an accident and driving without insurance.
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Five men were treated at the scene for serious injuries before being taken to hospitals across Essex and London.
Three are still in hospital. None of the injuries are described as life-threatening.
A spokesman for Essex Police said: “Reports there was a police pursuit are incorrect.
“Officers were in the area responding to an unrelated incident at the time and not to the presence of the BMW.
“However, the matter has been referred to the Independent Office for Police Complaints under the criteria of there being an indirect link between police being in the area and the incident.”