The chaotic vision, filmed by another firefighter’s helmet camera, shows emergency crews scrambling at the scene of the blaze.
In the crucial moment, one firefighter stands at the bottom of the ladder with his arms outstretched.
A man, struggling to descend a ladder, then drops a flailing girl into the firefighter’s arms.
Screaming can be heard throughout the video
The blaze, in the US city of Decatur, near Atlanta in Georgia, left a dozen people injured.
FOX 5 Atlanta identified the girl’s father as Lance Ragland, and reported he had been on fire himself when he threw his daughter to safety.
Mr Ragland survived with second-degree burns, the station said.
“We were catching babies like a football — literally,” DeKalb County Fire Rescue Captain Eric Jackson told local television station WGCL-TV.
“There were adults that were on the balcony that were dropping their babies right into our arms.
“We had a couple [of] firefighters catching babies, so it was just really incredible.”
Captain Scott Stroup — a third-generation firefighter — was the man shown catching the girl, the DeKalb County Fire Rescue Department said.
The video garnered more than 150,000 views within a day of being posted online by the fire department.