One of Balelo's employees found his body Monday morning in his car, which was parked and running in the garage at his auction house, the celebrity news website said.
He apparently had been distraught following his arrest Saturday for a drug-related offense, TMZ said.
An autopsy on Balelo's remains is scheduled for Tuesday.
Balelo is known for wearing flashy clothes to auctions on "Storage Wars," a reality show which debuted on A&E in 2010. The series follows people who buy the contents of unpaid storage units as single lots, then try to re-sell items individually for profit.