The man cheated death after careering headfirst onto metro tracks while riding a bike along the station's platform.
A video, uploaded to YouTube on Wednesday, shows the youngster skidding onto the platform on a bike from Bici Madrid, the city's shared public bike system.
He skids just shy of the platform's edge, then rides along the platform before riding off the edge, seemingly unable to brake in time.
He was pulled to safety by his friend, who was originally recording the video but dropped the camera when he saw the fall.
The incident occurred on October 10th at 11.36pm in the Avenida de la Paz station in the north east of the Spanish capital.
The unnamed bike rider managed to leave the station without needing help, after ditching the bike and hopping onto the next train.
Bikes are allowed in the Madrid Metro during off-peak times but passengers must push them, not ride them.
Madrid Metro sources told El País that they were investigating the incident in the hope of identifying the young man and fining him for riding the bike inside the metro.
The Twitter account Sufridores del Metro (Sufferers of the Metro) which tweets users complaints, tweeted, "Lack of staff in ticket offices and Madrid Metro stations leads to serious security problems like this."