Service will resume after all trains undergo checks and the tracks and other equipment are declared safe, they said.
The empty mono was going from Wadala depot to Chembur station before the start of service when it caught fire and two coaches were affected, an official said.
"It seems the coach caught fire when the motorman applied brakes, said Dilip Kawathkar," Joint Project Director of Mumbai Metropolitan Region Development Authority (MMRDA), the nodal agency which operates the transport system.
"The committee will enquire into the incident and the exact reason behind the fire would be ascertained only after the inquiry," he said.
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Another official said that monorail services in the metropolis were halted till further orders after the train caught fire at Mysore Colony station in Chembur early this morning.
"We have put the services on hold till the tracks, and other equipment are declared safe. It may take 24 to 36 hours for the services to resume," the official said.
Kawathkar said, "At around 5 am, a coach of an empty monorail train caught fire at Mysore Colony station before the start of the services."
"This train was to start the day's services from Chembur and prima facie it seems it caught fire when motorman applied brakes," Kawathkar said.
Since it was early morning, there was no rush at the station when the fire broke out and therefore no commuter was injured, he added.
Disaster management officials at the BMC said three fire brigade vehicles were rushed to the spot and the flames were doused in 40 minutes.