Developed by a team of researchers from the US and Chile, the chemical, called "Keep 32", wipes out all the bacteria that cause cavities in just 60 seconds in tests.
The chemical could be added to any current dental care product, turning toothpaste, mouthwash and chewing gum into "super cleansers" that could get rid of the underlying cause of tooth decay, the researchers said.
According to them, the chemical targets "streptococcus mutans", the bacteria that turns the sugar in your mouth into lactic acid which erodes tooth enamel.
By exterminating the bacteria, "Keep 32" prevents the damage to teeth before it happens. It also keeps your teeth "cavity proof" for several hours, the Daily Mail reported.
The chemical could even be added to foods to stop bacteria damaging teeth as you eat, the researchers said.
The product has been under test for seven years, and is now going into human trials. It could be on the market in 14 to 18 months, said researchers Jose Cordoba of Yale University and Erich Astudillo of the University of Chile.
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They are now hoping to licence the patent to chemical giants such as Procter and Gamble.
"We are currently in talks with five interested in investing in our project or buy our patent," they added.