Four appliances and a water tanker are in attendance.
Local residents are requested to avoid the area and keep windows and doors closed.
It comes as the three fatalities caused by by residential fires within 24 hours was reported on Saturday.
In Dunmurry, a woman aged in her 40s in Dunmurry died in a house fire overnight. She was pronounced dead at the scene.
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Emergency services were called to the scene in Dunmurry overnight.
Three others were taken to hospital.
The PSNI said: “At approximately 3.55am on Saturday police received a report of an ongoing fire at a property in the Areema Drive area.
“Officers attended alongside colleagues from the Northern Ireland Ambulance Service, and Northern Ireland Fire and Rescue Service who extinguished the fire.
“A man aged in his 50s, a 19-year-old woman, and 11-year-old girl who were also in the property, were taken onward to hospital for treatment to smoke inhalation.
“Officers are continuing to conduct enquiries into the circumstances of the fire. At this stage, however, it is not being treated as suspicious.”
On Friday the NI Fire & Rescue Service warned people about safety after two other fatal house blazes.
A spokesperson for the service said today: “Sadly this is the third loss of life within the last 24 hours. It is unusual to have so many house fire fatalities over such a brief period but we have seen a rise in this type of incident this year.”
The first happened at 10.55am at Queen Victoria Gardens in the Fortwilliam area of Belfast, where a young man died.
Firefighters wearing breathing apparatus used a hose reel jet to extinguish the blaze. A man in his 20s died at the scene.
About 90 minutes later, at 12.30pm, crews from Bangor and Newtownards attended a second incident at Abbey Park in Bangor.
Firefighters are tackling the blaze in Moneyreagh. (Stock image)
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The fire was already out when firefighters arrived, but they provided first aid to three people.
A woman in her 50s was pronounced dead at the scene.
Both incidents are under investigation but police said they do not believe the deaths to be suspicious.