According to multiple reports, Pappas was at his Mermaid Waters home when two armed men broke in during the early hours of Tuesday morning.
Pappas was reportedly struck in the head with a hammer and stabbed in the leg with a knife.
He was taken to Gold Coast University Hospital where his condition was listed as serious but stable.
News Corp reported Pappas had received threats recently and upgraded security at his Gold Coast address as a result.
The attack is being investigated by Police.
Pappas has raced across the country in GT4 Australia, National Trans Am, and the TA2 Muscle Car Series.
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