Lobsang Palden carried out the act today on "Heroes Street" in Aba county in Sichuan province, said the British-based advocacy organisation Free Tibet and the US outlet Radio Free Asia (RFA).
Both said the road is so called because several such incidents have occurred there.
Police soon arrived, put out the fire and took Palden away, and his condition was not currently known, both organisations said, adding that security in the area had been tightened.
RFA also said another monk set himself on fire today in the northwestern province of Qinghai, citing exiled Tibetans in India.
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At least 120 Tibetans in China have set themselves alight since 2009, both organisations reported.
March 10 is a sensitive day for Tibetans -- who have concentrations in Qinghai and Sichuan as well as Tibet proper -- as it marks the anniversary of their spiritual leader the Dalai Lama fleeing China in 1959 following a failed uprising.
In March 2008 deadly riots erupted in the Tibetan capital of Lhasa and spread to other areas.
Beijing accuses the Dalai Lama of encouraging self- immolations to further a separatist agenda.
The Dalai Lama, a Nobel Peace laureate who lives in India, has described the self-immolations as acts of desperation that he is powerless to stop.
Rights groups call the protests a reaction to Beijing's tight control on Tibetans' rights, including exercise of religion.