Oscar winning actor Christoph Waltz was left shaken tonight after a manpointed a hand-gun at him during a live TV show and threatened to blow up a studio with a handgrenade.

Waltz, who won Oscars for roles in two Quentin Tarantino movies, was being interviewed on the set of a live French news programme with fellow actor Daniel Auteuil when two shots were fired.

A recording of the moment shows the audience run away in panic, as security guards rush Waltz and Auteuil off stage.

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Worrying: Oscar winning actor Christoph Waltz was left shaken this evening after a man pointed a hand-gun at him and threatened to blow up a studio with a fake grenade. A man is pictured being detained by police and local security after the incident

Concerns: French actor Daniel Auteuil, centre, and Austrian actor Christoph Waltz , right, are pictured being dramatically evacuated from the set

Speaking to the Daily Mail, Waltz told how for a few desperate moments he feared for his life.

'I was on a panel at the Studio Canal platform off the beach when a man produced a gun,' he said. 'I think it was a pistol and he fired but luckily for me they were blanks.

'Then he shouted he had a grenade and again luckily for me there was no grenade.

'The police have him. They tackled him to the ground. I don't know who he was or where he came from or what his problem was.'

Held: Police arrested a man at the scene and found he was carrying a dummy grenade and a knife, authorities said

Violence: This police officer holds what appears to be the gun used by the man

Witness Arthur Laiguesse added: 'The bodyguards jumped over the barriers into the crowd and pulled him to the ground. The police arrived and told everyone to run because there was a grenade in his hand.'

Police arrested the man at the scene and found he was carrying a dummy grenade and a knife, authorities said.

'It really appears to be a crazy guy,' said a police source.

Speaking to France 24, Michel Denisot, the programme's presenter, said: 'He said to a woman next to him "if I were you, I wouldn't stick around here".

'There were no bullets in the gun and the grenade was a fake.'

Terrifying: Waltz was being interviewed on the set of a French news programme when two shots were fired into the air

Frightening: After the shots are fired into the air, audience members react with horror and rush towards the beach

Waltz revealed what happened after he arrived at the fabled Eden Roc restaurant for a dinner hosted by Charles Finch, the London-based film producer and magazine publisher.

Waltz was quite composed and unfazed when he told what had happened to him earlier in the evening.

'I'm fine there's nothing to worry about now', he said.

Waltz, who has won two best supporting actor Oscars for Django Unchained and Inglourious Basterds, and Auteuil, both of whom are serving on the Cannes jury, returned to the set.

Horror: Many audience members rushed onto the beach in terror Dramatic: The incident took place during a live TV show

Concerned: Christoph Waltz, left, and Daniel Auteuil, right, look worried as the gunman storms the studio

The shooting was the second security incident on day three of the 12-day festival, the world's largest cinema showcase that attracts thousands of actors, directors, film executives, journalists and fans.

A police source said $1.4 million worth of Chopard jewellery intended to adorn movie stars had been stolen from a room at the Suite Novotel hotel overnight on Thursday.

But Chopard said the value had been exaggerated and the items were not for actresses to use, declining to give further details.

Actors: Christoph Waltz , left, and Daniel Auteuil, right, were being interviewed on live TV when the man stormed the TV studio

Actress Robin Wright this evening said she had heard rumours of an incident in Cannes.

'I saw ambulances and police but I didn't know what they were for. It held traffic up but I didn't know the details till I heard it from Christoph as you just have'.