I WAS ON MY WAY TO WORK@ 0730 HRS, TRAVELING ON I 294 N/B, AT A SPEED OF APPROX 45/50 MPH WHEN I HEARD A LOUD POP. AS I ATTEMPTED TO REDUCE MY SPEED, TO MOVE OUT OF THE FLOW OF TRAFFIC, I NOTICED MY BRAKES WERE NO LONGER FUNCTIONING. I PULLED THE HAND BREAK UP, WHICH DID NOT RESPOND, I PUSHED IT DOWN AND PULLED IT UP A SECOND TIME, WHICH BARELY SLOWED MY VEHICLE, BUT DID ALLOW ME TO COAST TO A SLOW STOP ON THE SHOULDER. AT THIS TIME, THE HOOD OF THE VEHICLE WAS ENGULFED IN FLAMES. I EXITED THE VEHICLE AND A MAN WHO HAD BEEN TRAVELING BEHIND ME, PULLED OVER TO SAY THAT HE HAD SEEN FLAMES COMING FROM MY TAIL PIPE, BEFORE THE ENGINE COMPARTMENT BURST INTO FLAME. I IMMEDIATELY CALLED 911. I WAITED IN THE RAIN FOR ILLINOIS STATE POLICE AND THE FIRE DEPT TO RESPOND. STATE POLICE REPORT#IL 0229900 WAS MADE UPON THE TROOPERS ARRIVAL.