Possible misfire in the cylinders, would advice hooking up a scan tool to diagnose the specific issue but when the engine light flashes at you you are not to keep accelerating you are to let off the accelerator until the light stops flashing, if it stops flashing after that then proceed with your doings but get it scanned right away so no further damage may be caused. If I were you though I would not drive the car until the issue is fixed, if your not a wrench turner then do take it to your most trusted mechanic shop and have them look at it.
Flashing engine lights are not a good sign, neither are still lights but that I usually ignore depending on what failed, say an O2 sensor kinda useless it only tells the emissions police if the car is passable or not.