Mike McCoy was taking his canine companion for a walk on Tuesday when the young pup wandered into a bush near a pond, local reports said.
Suddenly, out of nowhere an alligator jumped on Jake and began to pull him back into the water.
"He was in a death roll with that thing," Mr McCoy told NBC News.
In a snap-second decision, the heroic owner said he jumped into the water to take on the reptile, sustaining a bite himself in the process.
“I previously read up on my environment and gators. I got around, thumbed him in the eye, picked him out of the water so he couldn’t get anywhere until he let the dog go,” he told WFTS.
He added: “And in the interim he decided, I don’t have him, I’ll bite you.”
Both Jake and Mr McCoy had to undergo stitches following the incident, reports said. But the owner insists that the labrador is in high spirits since the incident.
“He’s on the mend. He’s full of spit and vinegar today," he said.
The Florida Fish and Wildlife Commission told the outlet that the gator would have been between seven and nine feet long. They are working on moving the creature from the pond.
While such incidents are said to be rare, last December another dog found itself in a similarly perilous situation.
Gunner, a five-year-old Cavalier King Charles Spaniel, was also rescued by his owner from the jaws of a scaly beast.
He was later honoured by a local sheriff and made a deputy dog following his near escape.
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