Horrified onlookers recorded the moment the thrill-seeking tourist hurled himself into the water at a beauty spot called Cap Negret near the party resort of San Antonio.
A loud thud can be heard in the footage – thought to be the sound of the Brit hitting rocks under the water.
The man was admitted to intensive care with injuries said to have included broken bones and a spinal problem.
One of the astonished Spaniards who filmed the scene could be overheard telling a pal: “They’re f*****g mad” as they watched the Brit overlooking the water beside a friend while he prepared to jump.
The injured man, who is 38 years old and in Ibiza’s Can Misses Hospital, has not been named. Hospital chiefs have yet to confirm overnight reports he has now been moved from intensive care to a trauma unit.
The alarm was raised at roughly 3pm on Wednesday.
Firefighters led the rescue, although local police, Civil Guard and paramedics were also mobilised by a regional government-run emergency response coordination centre.
Cap Negret is well-known in Ibiza as one of the best places in Ibiza to see the sun go down.
In August 2018 a British holidaymaker died in Ibiza after leaping off a cliff and hitting rocks in a freak accident while celebrating his 24th birthday.
Paul Gardner, from North Shields, dived into the sea at a cove near San Antonio called Cala Gracio.
He was said at the time to have hit rocks as he leapt from a height of around 20 feet in a misjudged attempt to reach deep water.
Local police, Civil Guard and an ambulance were sent to the scene but the Brit had gone into cardiac arrest and efforts to revive him failed.
Paul had only flown out to Ibiza from Newcastle Airport with pals two days before the tragedy. They stayed at the four-star Hotel Orosol in San Antonio.
On Wednesday it also emerged a 26-year-old Brit had been seriously hurt after plunging from a third-floor apartment in the Majorcan capital Palma.
It was confirmed yesterday he lived at the property with his girlfriend.
He landed in an internal patio and cheated death after his fall was cushioned by a plant. Police have launched a routine investigation.