Medics popped it back in to place and he was cleared to take part in tonight's live show on Channel 4.
Based on the results of the speed ski mini-event, Spencer was pit against Gareth Thomas and Louis Smith for his ski cross race.
It started off smoothly, with Louis taking the early lead - but disaster struck in the final moments when Gareth tumbled at the last obstacle and crashed in to Spencer, sending their skis flying.
Louis crossed the finish line and claimed victory while his rivals were left scrambling to get back on their feet, having landed in the safety nets.
Spencer eventually claimed second place, meaning he'd have to take part in a second chance race to avoid the jump.
As the loser, Gareth automatically had to face the ski jump for the first time in a bid to keep his place in the competition.
Sir Bradley Wiggins would also have taken part in their race had he not been forced to quit the competition.
Gareth and Spencer weren't the only people to fall during tonight's live show, with Amy Willerton also suffering a slip-up during her race against Jason Robinson and Emma Parker Bowles.
The Jump airs every Sunday night on Channel 4.