Photos from the scene showed the badly charred Corvette frame sitting in the intersection.
Tempe police Sgt. Jeffrey Glover said a pickup truck and a Corvette were driving northbound on Scottsdale Road when the pickup rear-ended the Corvette near Weber Drive.
Glover said the Corvette spun after being struck, and caught fire in the intersection.
According to Glover, the driver was on fire as he got out of his vehicle. He reportedly suffered second-degree burns to 70 percent of his body, but is currently in stable condition.
The pickup truck driver suffered minor, non-life threatening injuries.
Northbound and southbound lanes of Scottsdale Road have been shut down from Curry Road to Hancock Drive while the debris is being cleared away.
A video uploaded to Facebook showed firefighters putting out the flames that erupted after the crash.