Chief Executive Steve Tormey said that "Toyota is committed to ensure the highest standards of safety for our customers above all else".
The auto giant has offered to update the software of the vehicles for free to fix the issue.
According to Toyota, in rare situations, the auto models included in the recall would lose power completely when entering the failsafe mode, which could lead to a collision, especially when driven at high speeds.
Power steering and braking would still work, but a stall at a fast speed could increase the risk of a crash.
Toyota said it had received three reports of the problem in Japan but they did not involve accidents.
The recall applies to 1.25 million vehicles in Japan, 807,000 in the USA, 290,000 in Europe and 3,000 in China, with the rest across the globe.
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Toyota has announced that it will recall 55,519 hybrid cars in the United Kingdom as part of a 2.4 million-car global recall.
The problem identified arises when the cars fail to enter "failsafe driving mode as intended". It's thought that vehicles sold in China, Africa, Oceania and other regions are also affected by the recall.
Toyota Ireland also said that there are no reported incidents in Ireland.
The Prius and Prius V vehicles may contain a software fault in their ECU.
The company says the issue differs from problems with the Prius fail-safe mode that were addressed in the 2014 and 2015 recalls.
Toyota Ireland has said that a total of 1,289 vehicles have been affected in Ireland.
Should this occur, the vehicle could lose power and stall, although functions such as the power steering, brakes and lights would still work.