Emergency Services were alerted to the incident at around 19:25 following multiple reports of trees and hedges alight.
Several eyewitnesses say black smoke can be seen from miles around as it billows into the sky.
Fire crews from nearby stations are en-route to the blaze, which has broke out alongside the boating lake near to Dinosaur Isle.
UPDATE @ 20:00 – 3 fire appliances from Sandown, Shanklin and Newport are now on scene with firefighters working to tackle the large fire and bring it under control.
The Incident Command Unit, also from Newport, is now in attendance alongside Police.
UPDATE @ 20:43 – The fire, which has also engulfed a maintenance shed, has been extinguished although 10x10m of undergrowth has been damaged.
2 hose reels and 1 main jet have been used as well as a light pump to take water from the adjacent boating lake.
Crews remain on scene damping down the immediate area but are expected to return to station shortly.