Nearby residents reported hearing an explosion around 1.40pm before flames started billowing from the property in Broomage Crescent.
One man has been taken to hospital in Glasgow for treatment and it is understood a neighbouring property has also been affected.
Residents living close by have been evacuated from their homes as a precaution and people have been urged to stay away from the area.
Police have closed off all access to the scene with vehicles stopped from entering either end of Broomage Avenue.
The Scottish Fire and Rescue Service confirmed they were alerted to reports of an explosion in a residential property around 1.40pm.
A spokesperson for SFRS said: “Firefighters removed one male casualty from the property who was then transferred to the care of the Scottish Ambulance Service.
"Six appliances and several specialist resource vehicles are at the scene where crews are working to tackle a significant fire.
"The property has partially collapsed.”
Commander Andy McDermott said: “We would ask the public to avoid the area for their safety, as well as motorists to help maintain access for emergency service vehicles.
"We thank the community for their ongoing support.”
A Police Scotland spokesperson said: "Around 1.40pm on Saturday, February 26, police were called to reports of an explosion at a property on Broomage Crescent, Larbert."Emergency services are at the scene and a number of nearby buildings have been evacuated."One man has been taken to Glasgow Royal Infirmary by ambulance for treatment."We would advise people to avoid the area at this time for their own safety and to allow enquiries to continue."
A spokesperson for the Scottish Ambulance Service said: "We received a call at 13.43 to attend an incident on Broomage Crescent, Larbert. A range of resources were sent to the scene and a patient was transferred to Glasgow Royal Infirmary."
As well as a large police and fire services response, Scottish Gas Networks staff are also at the scene.