Jennifer and Keith Caneiro and their two young children were killed in what authorities say was an "intentional" attack on their home in upmarket Colts Neck.
Mr Caneiro, 50, was discovered on the grass outside with a gunshot wound while the rest of his family were "severely burned" in the blaze, NJ.com reported.
A law enforcement source told the newspaper last night that the injury was not self-inflicted.
It's not clear whether 45-year-old Jennifer and her kids were shot or had died in the flames but authorities are investigating the blaze as an arson.
Authorities are also probing whether a blaze at an address of a nearby relative earlier on Tuesday is connected.
Monmouth County prosecutor Christopher Gramiccioni said: "It's important to emphasise that we have no reason to believe that anyone in the community is in any danger at this time."
Firefighters responded to the fire around 1.30pm local time, and it was still burning hours later.
Video showed firefighters battling the blaze as smoke poured from the roof of the two-storey home, which is surrounded by fields and includes a large swimming pool.
Helicopter footage showed a sheet in the middle of the garden next to the house, with police tape cordoning off the area.
Colts Neck is an upmarket community of 10,000 people about 50 miles south of New York City and is home to horse farms.
Bruce Springsteen owns an estate there, and his son is a former member of the fire department, while Queen Latifah sold her mansion in the area in 2015.
The 5,700 sq ft home has four bedrooms and five bathrooms, according to Zillow.
The owners purchased the property in 1998, and the home was built in 2003, public records show.
Mr Caneiro's LinkedIn profile describes him as the CEO and chief technology officer for a company in the New York City area called Square One.
His profile says he graduated from Columbia University with a Master of Science degree in 2018 and previously received certifications from Harvard Business School's online platform.
Earlier in the day, officials said there was a fire at a home in Ocean Township about 10 miles from Colts Neck.
Public records show that the home is owned by Paul and Susan Caneiro, and that the two men shared at least one address in New York several decades ago.
They are also "friends" on Facebook, but it is unclear how they are related.
Paul Caneiro is listed as the vice president of Square One.
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