The actress is said to have collided with an 18-wheeler vehicle in her black Porsche while driving on the Pacific Coast Highway. Her assistant is also believed to have been in the car at the time.
TMZ reports that Lohan's car was "totalled", with the passenger window shattered and the rear bumper ripped from the car.
The 25-year-old was taken to the emergency room at an LA hospital, but Santa Monica police have since declared that her injuries are not serious.
A source told Hollyscoop: "I just spoke to her, she's doing fine," while the assistant reportedly suffered "some bleeding and bruises".
TMZ is also claiming that the Porsche did not belong to Lohan, but was a rental.
Lohan is currently filming Lifetime drama Liz & Dick, in which she plays Elizabeth Taylor opposite Grant Bowler's Richard Burton. New photos of her in the role were released this week.