Bethany Alex, the spokesperson for Martin County Fire Rescue said the agency got a call about the incident around 3:30 p.m. near the Palm City Bridge.
Laurie Weber, a spokesperson for the Martin County Sheriff's Office said one man was on the boat, but was able to safely get onto another person's boat during the incident.
The fire was put out at 4:08 p.m., Alex said. The cause of the fire remains unknown.
The make and model of the boat were not released Monday.
No further information was available Monday.