AIS scholarship holder Ken Wallace has won a stunning come-from-behind gold medal in the men's K1 500m kayak at the Beijing Olympics.

It was Australia's first individual kayak gold medal since Clint Robinson's triumph in the K1 1000m in Barcelona.

Wallace has now won two medals in Beijing having earlier claimed bronze in the K1 1000m, becoming the first Australian to win a medal in both kayak events at a single Games.

Wallace said he was over the moon by his performances in Beijing.

‘I’m ecstatic. I was happy getting the bronze in the 1000m but to win gold in the K1 500m is just mind blowing,’ Wallace said.

‘These Olympics have been an amazing experience for me and something I will treasure for the rest of my life.’

‘I have to thank the Australian Institute of Sport for all their support, they’ve been fantastic.’

Australian team official Richard Fox believes Wallace could go on to dominate the sport because he had youth on his side.

‘Who knows what the guy can do, the world is his oyster,’ Fox said.

‘He's won two medals at one Olympics, which is just remarkable.’