A toy vehicle that is capable of lifting off a travel surface by means of a cam member. The toy vehicle comprises a chassis that has first and second ends and first and second drive wheels disposed between the first and second ends. The first and second drive wheels are aligned along an axis and are coupled to a drive system. To provide the toy vehicle with "tank steering" capabilities, the first and second drive wheels may be controlled independently of each other. One or more cam members aligned along the same axis as the first and second drive wheels are adapted to selectively rotate about the axis so that an outer edge contacts the travel surface, causing the toy vehicle to lift into the air. The cam members may be controlled by a cam motor, which operates independently of the drive system. In one embodiment, the toy vehicle and its cam members are adapted to be fully operable in an upright, first drive position and an upside-down, second drive position.