Dramatic photographs capturing the 85ft vessel going up in flames have been posted on social media.
Plumes of thick black smoke could be seen covering the sky above the harbour in the photographs taken by eye-witnesses.
The fire service were alerted to the incident at around 11.57am
Emergency services rushed to the scene to battle the blaze after the fire service were alerted to the incident at around 11.57am.
A spokesperson for Devon and Somerset Fire and Rescue Service said: “85ft motorboat on fire. Fire crews called at 11.57am. Three fire engines on the scene. Liaising with the harbourmaster.”
Eyewitnesses reported hearing a rumble of “minor explosions” when near the scene of the fire.
Among them, one described the scene as a “fireball”.
The pier also caught fire, the fire service confirmed at 1.30pm.
Dramatic photographs capturing the 85ft vessel going up in flames have been posted on social media
Smoke could be seen across South Devon, even from Newton Abbot and Shaldon.
Roads traffic and monitoring service Inrix reported: “A379 Torbay Road in both directions blocked, queueing traffic due to fire services activity from Torquay Harbour to Road.”