Cal Fire says a spear fisherman was diving at the Stillwater Cove area of the resort in Monterey County when he was attacked by a shark.
The man suffered a serious bite to his leg nearly severing it but two off-duty sheriff's deputies were at the beach at the time and were able to pull the man from the water.
The beach was evacuated while crews treated the victim and gathered more information on the shark involved.
The victim was taken to a local hospital and taken into surgery.
There is no word yet on his condition.
The area has been the site of several shark attacks in the past.
A man is recovering after being attacked by a shark at near Pebble Beach