While the ministry did not comment on the possible cause of the fire, Yonhap News Agency reported that the blaze began to spread after black smoke emerged from the overhead compartment in the back row.
"It seems that a fire broke out when a passenger's portable battery, stored in the overhead bin as carry-on luggage, became compressed," local daily JoongAng Ilbo reported, citing an unnamed person affiliated with Air Busan.
"As the smoke filled the cabin, a passenger seated near the emergency exit opened the door, and the flight attendant opened the opposite one, allowing others to start evacuating," a passenger recounted, as quoted by Yonhap.
"It was ... chaotic and terrifying."
South Korea suffered the worst aviation disaster on its soil last month when a Jeju Air Boeing 737-800, flying from Thailand to Muan on Dec 29, crash-landed and exploded into a fireball after slamming into a concrete barrier.
That crash killed 179 of the 181 passengers and crew members on board.
"In the wake of the Jeju Air passenger aircraft tragedy, an additional aviation accident has taken place, and we feel deeply sorry for the passengers on board and the public," transport minister Park Sang-woo said in a statement Wednesday.