Two teenagers were left fighting for their lives after a crash on the A361 Southam Road.
A grey BMW Mini containing four people collided with some roadside railings at around 12.55am on Wednesday.
A 16-year-old girl and a 19-year-old man are being treated for life threatening injuries at the John Radcliffe Hospital.
An 18-year-old man from Banbury has been arrested on suspicion of dangerous driving and released on bail until November 26.
Anyone with any information call 0845 8 505 505 or Crimestoppers anonymously on 0800 555111.
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