The local police have registered only a case of unnatural death and are conducting further probe.
The incident took place at Savleshwar in Umarkhed tehsil two days ago.
Madhav Shankar Rawate, the farmer, set up a pyre of fodder under a tree on his farm, lighted it and jumped into it after climbing the tree, his son G M Rawate told reporters.
Mr Rawate's cotton crop on his four-acre farm was ruined by the pink boll-worm attack, and he could get only three quintals of the crop, the son claimed, adding that his father owed Rs 60,000 to creditors.
An official at the Biterrgaon police station said the exact cause of the alleged suicide was yet to be ascertained, and for now police have registered a case of unnatural death and started investigation.
Yavatmal district in Vidarbha region of Maharashtra has witnessed several farmer suicides over the years.
A debt-ridden farmer allegedly committed suicide in the district last week by consuming a poisonous chemical, apparently due to crop-loss.
The loss of cotton crop due to a pest attack was suspected to be the prime reason behind the alleged suicide of the farmer, Shankar Chayare, 50, police had said.