Arrow-shaped and red, it moved across Heavitree completely silently before disappearing without a trace.
The two men who witnessed it say they are usually cynical of sightings but are at a loss to explain the phenomenon.
They say they were even more surprised to see reports in a national newspaper this week of a similar unidentified flying object seen by residents of a Yorkshire town.
The object also bears a striking resemblance to a UFO pictured in the skies above Belgium in the early 1990s.
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