According to reports, the fire gutted the set of dance reality TV show "Super Dancer Season 2".
The fire reportedly broke out at the sets of the TV show.
Six fire tenders are working to douse the flames.
No injuries have been reported so far.
However, the being a Saturday there was no crew at the set. The building has also been evacuated.
The famous studio was initially founded and setup by the showman Raj Kapoor in 1948 and is currently operational under the supervision of Bollywood actor Rishi Kapoor.
Reacting to the incident, Rishi Kapoor tweeted: "Sad A major fire broke out at RK StudiosWe have lost the iconic Stage 1 Thankfully no casualties nor injuries. All your concerns appreciated."
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