To constructively ameliorate and enhance traffic safety measures in Saudi Arabia, a prolific number of AI (Artificial Intelligence) traffic surveillance technologies have emerged, including Saher, throughout the past years. However, rapidly detecting a vehicle incident can play a cardinal role in ameliorating the response speed of incident management, which in turn minimizes road injuries that have been induced by the accident’s occurrence. To attain a permeating effect in increasing the entailed demand for road traffic security and safety, this paper presents a real-time traffic incident detection and alert system that is based on a computer vision approach. The proposed framework consists of three models, each of which is integrated within a prototype interface to fully visualize the system’s overall architecture. To begin, the vehicle detection and tracking model utilized the YOLOv5 object detector with the DeepSORT tracker to detect and track the vehicles’ movements by allocating a unique identification number (ID) to each vehicle. This model attained a mean average precision (mAP) of 99.2%. Second, a traffic accident and severity classification model attained a mAP of 83.3% while utilizing the YOLOv5 algorithm to accurately detect and classify an accident’s severity level, sending an immediate alert message to the nearest hospital if a severe accident has taken place. Finally, the ResNet152 algorithm was utilized to detect the ignition of a fire following the accident’s occurrence; this model achieved an accuracy rate of 98.9%, with an automated alert being sent to the fire station if this perilous event occurred. This study employed an innovative parallel computing technique for reducing the overall complexity and inference time of the AI-based system to run the proposed system in a concurrent and parallel manner.