The London Fire Brigade (LFB) said that there had been no reports of any injuries early on in the incident, which was raised just before 2pm on Monday.
Huge plumes of smoke can be seen billowing up from the station and the garage below.
An LFB spokesman said: “Ten fire engines and around 70 firefighters are attending a fire at railway arches near to Elephant and Castle railway station. Please avoid the area and close all doors and windows.”
Network Rail said trains continue to travel through the station, but will not stop there.
Early video from the scene of the blaze at railway arches in #ElephantCastle. We have 10 fire engines & 70 firefighters attending & have taken nearly fifty 999 calls. Please avoid the area https://t.co/L6NNuDfThB
— London Fire Brigade (@LondonFire) June 28, 2021