While accelerating to merge onto an interstate, the vehicle jerked aggressively with a loud "bang"(similar to sound of transmission popping out of gear). A flashing check engine light appeared and vehicle lost ability to accelerate further, but was able to maintain speed. Light smoke was noticed from rear view mirrors, followed seconds later by thick, dark smoke. Other cars began honking and waving at us. We pulled over as quickly as possible after the incident to assess. Once stopped, flames could be seen around the driverside cowl/front fender area and I yelled for my family to get out of the vehicle. The front end of the vehicle was engulfed within a couple of minutes of our safe exit.