The child's father tells ABC11 a strange man drove up -- in a grey Jeep Grand Cherokee -- near his house and waved for his son to come closer.
When the boy didn't come, he says the man got out of the vehicle and ran toward the child before speeding off.
"I've never seen anything like that that has happened in our neighborhood ... nothing," neighbor Hettie Eason said.
Eason lives up the street from where the incident occurred.
"If someone's out there trying to get children, I hope they get him," she said. "I hope he's punished. because it's wrong you don't prey on little children."
Another neighbor tells ABC11 she saw the Jeep circle several times before sheriff's deputies arrived.
Other neighbors also cruised the area looking for the man.
Eason says she'll now be keeping an even closer eye on her own grandchildren.
"I want to know who they're with and what they're doing," she said.
In the meantime, deputies are still searching for the suspect.
Their description is vague - they say the suspect is a white man in his late 50s, who stands six feet tall and has blond or grey hair.
They believe he's driving a grey or olive green 2000 Jeep Grand Cherokee with chrome rims.
Anyone who knows anything about the suspect is asked to call the Wake County Sheriff's Office.