The Los Angeles County Fire Department responded to the hazmat incident at around 12:20 p.m. at the 2700 block of south Garfield Avenue behind a warehouse.
LACOFD said the tanks are possibly leaking into the flames.
A quarter mile evacuation order is in place, which includes several large commercial buildings.
It is unclear what caused the fire, but the driver reported hearing a noise and then seeing the flames, according to LACOFD.
Video from the scene shows the back of the big rig with flames, sending plumes of black smoke into the air.