The 42nd International 500-Mile Sweepstakes was held at the Indianapolis Motor Speedway on Friday, May 30, 1958. The event was part of the 1958 USAC National Championship Trail, and was included in the 1958 World Drivers Championship.

The race is best known for a massive first-lap, 15-car pileup that resulted in the death of fan-favorite driver Pat O'Connor.

Jimmy Bryan was the race winner. The race featured young rookie A. J. Foyt's debut at Indy. On lap 148, he spun in an oil slick, blew out the tires, and dropped out of the race. This marked the first time that one car would carry two drivers to separate wins at the race, in back-to-back years, with Sam Hanks winning the previous year's race in the same car.

Juan Manuel Fangio arrived at Indy under much fanfare as he attempted to qualify for the 500 and score points towards the World Championship. He practiced early in the month, but withdrew when he could not get up to speed.

Time trials were scheduled for four days.

For the second year in a row, the starting grid was assembled single-file in the pit lane. The cars were instructed to pull away and assemble into the official eleven rows of three after they entered the racing surface. Confusion occurred on the pace lap, however, as the three drivers of the front row (Dick Rathmann, Ed Elisian, and Jimmy Reece) pulled away, and inadvertently escaped the pace car. The three cars were alone, and rather than wait for the grid to catch up, they rushed around to catch up to the back of the field. Sam Hanks pulled the pace car off the track and into the pits, but chief starter Bill Vanderwater displayed the yellow flag to wave off the start. An extra pace lap was allowed, and the front row re-took their position at the front of the pack. By the time Hanks was ready to pull the pace car back out on the track, the field had re-formed, and Vanderwater gave them the green flag.

At the start, Dick Rathmann took the lead in turn 1, Ed Elisian was second, and Jimmy Reece third. As the cars went down the backstretch, they battled into turn three. Elisian spun, and triggered a huge 15-car pileup. Several cars spun to the wall and into the infield . Jerry Unser touched wheels with Paul Goldsmith, and flipped over the outside wall. Unser suffered a dislocated shoulder.

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