The clip – uploaded to YouTube by streetcap1 – shows a silvery orb flying away from an volcano spewing ash.
The footage is believed to have been from a live stream recording of Popocatépetl – which is is the most active volcano in Mexico.
The volcano’s last eruption occurred in August this year as it spewed lava, rocks and a 2,000 metre ash column.
Commenting on the video, UFO enthusiast Scott Waring said: “This UFO was seen moving over the mouth of the volcano.
“The UFO looks metallic from the glistening off its surface.”
He added: “It”s thought that several ancient volcanos in Mexico hide underground bases for alien and the exits are in the mouth.
“But when the volcano is active like today, all ships exit the sides of the volcano.”
This news comes after a UFO was spotted leaving another active volcano in Mexico.