Officials told families watching in horror to evacuate as the acrobat was seen by paramedics.
Shocked audience members said the stuntman looked “traumatised” and in “serious pain”.
The performer, believed to be called Juan, was on the “wheel of death” – a large rotating apparatus with hoops at either end where acrobats can perform death-defying skills.
The 5.30pm circus show at Blackpool Tower came to an abrupt end with audiences told to leave so emergency services could attend.
One woman said: “He went to jump in the wheel and lost his footing causing him to fall out and land on the floor of the circus ring.
“He looked like he was in an awful lot of pain.”
Another witness said: “The guy landed right in front of us and came down with a fair bump.
“He didn’t seem critically ill, but who knows. He was in serious pain. Hope he makes a speedy recovery.”
A Merlin Entertainments spokesman said: “We can confirm that a member of the Blackpool Tower Circus team had a minor fall whilst performing a rehearsed manoeuvre.
“Our medical team responded quickly with our well-established emergency procedures and supported the performer until the Emergency Services arrived.
“We are pleased to confirm the performer is recovering well and being treated for a minor injury to his wrist.
“The safety and well-being of our performers is of the highest importance.”
Guests who were present at the time of the incident were provided with free tickets for a future performance.