The London Fire Brigade tweeted it had received more than 45 emergency calls about the fire.
"This is a significant fire at a paint factory off the North Circular which can be seen across London. We'd ask people to avoid the area if possible and local residents to keep their doors and windows shut."
There are no reports of injuries.
Concerned passers-by have taken to social media to warn others of the blaze, which has been described as a "huge fireball in the sky".
One tweeted: "What on earth is this? Was just on the North Circular."
Another said: "Just passed the biggest fire I've ever seen in my life.
"Looks like a warehouse or something of that size near the North Circular at Wembley."
Another Twitter user posted: "HUGE fire off north circular just now. Literally exploding, plumes of smoke. I think it is a warehouse although not confirmed."