Palmyra police were called to a car fire in the 100 block of Lafayette St. on Sunday at approximately 11:42 p.m.
The responding officer was able to extinguish most of the flames until the Palmyra Rural Fire Department arrived and completely put the fire out.
The owner of the car was located and notified of the fire.
Due to the suspicious nature of the fire, an investigation was opened and the Missouri State Fire Marshal's office was contacted to assist.
During the investigation, officers were able to determine a suspect.
That suspect, 29-year-old James D. Smith, was located early Monday morning at his residence and arrested by Hannibal police and Marion County deputies and placed on a 24 hour hold at the Marion County Jail.
A warrant was issued on Smith later Monday afternoon for knowingly burning or exploding, a Class D felony.
Smith is currently lodged in the Marion County Jail with a $25,000 cash only bond.