People segment complex, ever-changing and continuous experience into basic, stable and discrete spatio-temporal experience units, called events. Event segmentation literature investigates the mechanisms that allow people to extract these units from the continuous experience.Aiming to shed light on event segmentation ability, event segmentation theory points out that people predict ongoing activities and observe prediction error signals in order to find event boundaries that keep events apart. In this study, we investigated the mechanism giving rise to this ability by a computational model and accompanying psychological experiments. Inspired from the principles of event segmentation theory and predictive processing, we introduced a semi-mechanistic model of event segmentation, learning, and representation. This model consists of feed-forward neural networks that predict the sensory signal in the next time-step in order to represent different events, and a cognitive model that regulates these neural networks on the basis of their prediction errors. In order to verify the ability of our model in segmenting experience into spatio-temporal units, learning them during passive observation, and representing them in its internal representational space, we prepared a video that depicts natural human behaviors represented by point-light displays. We compared event segmentation behaviors of human participants and our model with this video in two hierarchical event segmentation levels.By using point-biserial correlation technique, we demonstrated that event segmentation decisions of our model correlated with the responses of participants. Moreover, by approximating internal representation space of participants by a similarity-based technique, we showed that our model formed a similar internal representation space with those of participants. Our results suggests that our model that tracks the prediction error signals can produce human-like event segmentation decisions and event representations. Finally, we discussed our contribution to the literature of event cognition and our understanding of how event segmentation is implemented in the brain.