One manhole exploded just before 7 p.m. near 215 W. 43rd Street. Smoke was also coming from two other manholes.
Videos on social media showed people running after hearing a loud boom.
West 43rd Street is closed to pedestrians and vehicles between 7th and 8th Avenues.
Firefighters searched surrounding properties and found elevated carbon monoxide levels at an 18-story office building on 229 W. 43rd St. Crews are in the process of venting and mitigating the cellar and subcellar of the location.
The fires were caused due to cable failure, according to Con Edison.
A spokesperson released a statement saying, "One manhole exploded in the Times Square area this evening due to cable failure, and a second manhole was smoking. At this time, there have been no customer outages, and no reports of injuries or property damage. Our crews remain on location."
No injuries have been reported.