The 75-foot vessel, Last Chance, caught fire just before 4 p.m., according to the U.S. Coast Guard.
Crew members on the nearby boat, Lady Susan, safely rescued all three crew members from the vessel.
The crew of the Lady Susan contacted the Coast Guard about heavy smoke in the area.
Firefighters said the shrimp boat was fully engulfed when they arrived.
There's no word on what started the fire.