A new effect in graphene in the presence of crossed uniform electric and magnetic fields is predicted. Landau levels are shown to be modified in an unexpected fashion by the electric field, leading to a collapse of the spectrum, when the value of electric to magnetic field ratio exceeds a certain critical value. Our theoretical results, strikingly different from the standard 2D electron gas, are explained using a "Lorentz boost," and as an "instability of a relativistic quantum field vacuum." It is a remarkable case of emergent relativistic type phenomena in nonrelativistic graphene. We also discuss few possible experimental consequence.