Police and fire crews were called to a house on Wallace Street in Newtown around 3pm.
Paramedics tried to save the man but he was declared dead at the scene.
9News understands neighbours had tried to put out the flames with garden hoses while waiting for firefighters to arrive.
A second person was taken to Toowoomba hospital in a stable condition with chest pains.
Damage to the outside of the building was limited, but fire crews still needed around half an hour to extinguish the blaze.
On arrival at the scene there was “a large volume of smoke and flames producing from the windows,” Chris Martial from Queensland Fire and Emergency Services said.
Investigtions are underway.
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