The ad, created by M&C Saatchi, features two accidents involving motorcycles, and has been given a 15 rating by the British Board of Film Classification.
But the live act that precedes it is likely to cause more controversy.
Just before the ad is shown, an actor enters the theatre and seeks out an actress sitting in the audience. He tells her that someone close to her has been killed in a motorcycle crash, and she reacts hysterically and runs from the room.
The actor then tells the audience it was all an act, and alerts their attention to the ad.
The performance, devised by Lime and Triangle Communications, is intended to raise awareness of the more than 5% rise in fatal accidents and the increase in deaths among bikers in London.
The ad soft-launched this week and will have a formal launch on January 24.
The Advertising Standards Authority, which regulates such live acts, said it had not had any complaints about the act.
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