A video of the incident was posted on YouTube Monday, ABC News reported.
Stunt pilot Jason Newburg is seen in the video in an aerobatic plane traveling at 200 miles an hour and nearly hitting a man on an all-terrain vehicle and the cameraman shooting the stunt.
"Several points along the way this guy could have make mistakes that would have killed himself, and the two people that are filming the action here," ABC News aviation consultant Steve Ganyard said.
Newburg had a waiver to perform aerobatic stunts, but it expired in November, officials said.
FAA officials told ABC the agency is investigating the incident.
2014: NFL Cheerleaders [PHOTOS]
N.J. man whose son shot playmate pleads guilty