Pensioner Peter Channing, 66, was trying to tie up his boat when he accidentally knocked the throttle and was thrown overboard.
Mr Channing had already taken off his kill cord - a safety device that attaches to the skipper's leg and yanks out the ignition key if he falls in.
Terrifyingly Lazydaze, the six-metre speedboat, circled Devon's Teignmouth Quay, getting ever closer to Mr Channing with its deadly propellers.
The incident echoed the shocking death of TV executive Nick Milligan, 51, and his eight-year-old daughter Emily, who were killed by their runaway boat in Cornwall a year ago.
Fortunately, worried onlookers managed to throw Mr Channing a line and pull him to safety.
Meanwhile, an RNLI lifeboat arrived on the scene to find the boat circling the bay and crashing into other vessels. Helmsman Giles Squirrel pulled up as close as possible, while crew members Adam Truhol and Jim Cassidy had a rope at the ready.
Video of the incident shows the pair lassoing the boat on their first attempt, before pulling it towards them and cutting the engine.
"My buoyancy jacket, which I always wear, inflated and I was drifting in the river.
"I thought my boat was going to the beach, but suddenly it reared up and started coming back towards me, bouncing off other boats.
"Luckily it missed me. I managed to get close to the shore when someone threw me a line to pull me in.
"Nobody was hurt and I suppose I can smile a bit about it now - but I will be more careful in future."
Nick Milligan and his wife Victoria had similarly taken off their kill cord when they thrown overboard attempting a tight turn in Cornwall's Camel Estuary.
Andre Huber, Watch Manager at Brixham Coastguard, said last Friday's incident had been a lucky escape.
He said: "Unfortunately, he accidentally knocked the throttle, the boat jerked forward and he fell into the water.
"Without the kill cord, the boat's engine didn't cut out and then locked into driving round and round in circles.
"Luckily he did have a lifejacket on and was able to quickly swim away to safety and the boat was soon brought under control.
"We always recommend people wear their kill cord at all times when on the boat."
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