The locals spotted the half-burnt body of Anant Shrikant Ingole on Patharwada road in Ambad tehsil this morning and informed the police.
It appears that the man's hands and legs were tied with a rope before he was set on fire, the official said.
The deceased, a resident of Samnapur village in Beed district, was suspected to have been killed over a monetary dispute, he said.
The man was identified from the Aadhaar card found on him, he said.
No arrest has been made so far, the official said.
A case has been registered in connection with the incident, he added.
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