Some UFO enthusiasts believe the videos - which have taken the internet by storm - are final proof that aliens exist, while others say the unidentified object was the Hebrew god Elohim.
Adding to the mystery is the fact that flying over the Dome of the Rock landmark — an ancient Islamic shrine — is forbidden.
Two witnesses at the Armon Hanatziv panoramic lookout near Mount Zion filmed the object at 1am on Saturday.
A little after one minute into the clip, the object descends slowly, almost to ground level.
The craft hovers there for a short while and then flickers before shooting upwards at an incredible speed.
Former Ministry of Defence UFO investigator Nick Pope said: "If these are real, they are some of the most incredible videos ever shot.