Producers say the driver of the Aston Martin was taken to a hospital with minor injuries. They say James Bond's iconic car was being delivered to the filming unit in heavy rain on Saturday morning when it went off the road and plunged into Lake Garda.
Italian state TV has shown footage of the smashed, black car being hoisted out of the water.
"Quantum of Solace" is the newest film in the 007 series. It stars Daniel Craig and is due for release later this year.