The incident took place at about 9.10am yesterday (Sunday) in the A14/A6 area on the outskirts of the town.
A BMX X5 coming from the direction of Barton Seagrave, which had been seen overtaking cars and jumping red lights, crossed the carriageway took out a pedestrian traffic light before smashing into the wooden fence.
Debris from the crash was left all over the road.
Police say two men, believed to be aged 18 or 19, were seen running away from the car in the direction of Burton Latimer Cricket Club.
A police spokesman said: “By the time we got there they had all run off.”
The spokesman said they had made no arrests made yet but that an investigation into the incident is under way, including looking into whether the car was stolen, and urged anyone with information to contact them.
Witnesses should contact police on 101 or Crimestoppers anonymously on 0800 555111.