The defending Olympic champion, Mahe Drysdale, easily won his semifinal and led from the starting hooter.
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Martin, who won quadruple sculls silver in 2012, came back at Drysdale in the closing stages with both men stopping the clock at six minutes 41.34 seconds.
New Zealand’s Mahe Drysdale defended his men’s singles scull Olympic title in Rio, winning by half a bow ball in a photo-finish.
USA’s women’s eight have not lost a major championship since 2005 and they triumphed once again at the Lagoa Stadium, Eleanor Logan part of the winning crew for the third Olympics in a row.
Valerie Adams and the single scullers Drysdale and Twigg are all through to the the finals.
The race had been billed as a showdown between the Kiwi and his arch-rival Ondrej Synek of the Czech Republic, who took the bronze medal.
Drysdale took charge from there, but Martin rowed him down in the final 100m and appeared to have done enough to take the gold.
The results mean New Zealand have qualified boats for finals in eight of the 11 classes they entered in Rio.
“I’ve imagined this so many times”.
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Even rowing legend Sir Steve Redgrave was left baffled, while two-time Olympic gold medallist James Cracknell called for another race.
