Appliances from Ryde and Sandown are on scene off Puckpool Hill where black smoke has been billowing into the sky, with a water carrier from Freshwater also en-route.
The smoke could be seen from miles around but the situation is now being brought under control by the Isle of Wight Fire and Rescue Service.
It is unclear what is being burnt to cause such black, acrid smoke.
The area is currently being cleared for redevelopment of luxury houses. The fire is contained in the area of the former swimming pool complex.
UPDATE – It has been confirmed that the fire involves foam and aluminium panels.
Crews have brought the situation under control.
The video below, captured by Island Echo’s drone, shows the size of the bonfire and firefighters working to extinguish the flames.