The vulnerability could allow an attacker to remotely take control of an affected system, Adobe said in a security advisory published Tuesday.
The vulnerability is identified as CVE-2014-0497 on the Common Vulnerabilities and Exposures list and is classified as an integer underflow. It can be exploited to execute arbitrary code on the system.
"Adobe is aware of reports that an exploit for this vulnerability exists in the wild, and recommends users update their product installations to the latest versions."
The company released Flash Player 126.96.36.199 for Windows and Mac and 188.8.131.526 for Linux. The Flash Player versions included in Google Chrome and Internet Explorer 10 and 11 will be automatically updated through the respective update mechanisms of those browsers.
It's not clear where and how the exploit for this vulnerability was discovered, but the phrase "in the wild" suggests it might have been used in attacks.