The fire broke out at Cine Vista studio on LBS Road at around 8 pm, Deputy Commissioner of Police (Zone 7) Akhilesh Singh told PTI.
While efforts were on to douse the flames, so far there are no reports of anyone getting injured, the DCP said.
The studio is a ground-plus-one structure. Electrical wiring inside the studio caught fire first, the officer said.
According to reports, two TV serials -- Bepanaah and Haasil-- were being shot at the time of the incident.
Around 150 people, who were inside the studio, were rescued.
This comes just days after a massive blaze claimed the lives of 14 people in the Kamala Mills compound.
Last September, a shooting floor in the famous R.K.Studios, Chembur had been reduced to ashes along with some priceless memorabilia belonging to Bollywood's Kapoor family.
(More details awaited)