Crews are currently on scene at the incident in Victoria Avenue in the town, close to Cowes Fire Station.
UPDATE @ 16:55 – Firefighters using breathing apparatus have entered the heavily smoke-logged property, a terraced house, and have successfully extinguished the blaze, which started shortly before 16:00.
Southern Vectis Route 1 buses were diverted due to the fire appliances blocking the road, however Victoria Road is once again reopen in both directions.
Route 1 is currently experiencing delays of up to 10 minutes.
No persons have been injured in the incident.