Jackson drove his black Corvette into a large planter box and a stop sign, dragged the sign across a two-lane road. A team source told ESPN.com that Jackson was not injured.
The race and accident occurred near the team's facility on a public street following practice, TMZ reported.
According to TMZ, several other players stopped at the scene and tried to help Jackson out of his car.
Lynch drove away unharmed, according to TMZ.
The Seahawks (2-4) take on NFC West rivals the San Francisco 49ers (2-4) on Thursday night.
Information from ESPN.com Seahawks reporter Sheil Kapadia contributed to this report.