The incident occurred last night under Sanawad police station area, when the victim, identified as Mehroom Bi (55), was alone in her house, Khargone Superintendent of Police (SP) Amit Singh said.
The woman, upon noticing intruders in the house, raised an alarm, after which the accused allegedly killed her by slitting her throat, he said.
The accused later fled with jewellery worth Rs 20,000 and other valuables from the house, he said.
A case has been registered against unidentified accused under relevant sections of the IPC, he said, adding further investigation is on.