On August 21, 1998, about 1330 central daylight time, an Air Tractor AT-401, N1013Z, registered to Cane Lake Aero Inc., operating as a 14 CFR Part 137 aerial application flight, experienced a reported engine fire on takeoff. Visual meteorological conditions prevailed and no flight plan was filed. The airplane was destroyed by fire. The commercial pilot reported no injuries. The flight was originating from Cane Lake Aero, a private airstrip, Ruleville, Mississippi, at the time of the accident. The pilot stated he was on takeoff to the north. The engine started backfiring, he smelled fuel, and observed a low fuel pressure light. He aborted the takeoff and started an emergency shutdown. He realized the airplane was on fire and exited the airplane after it came to a complete stop. Examination of the aircraft wreckage failed to reveal the source of the fire.