Archangel Michael's Orthodox chapel, located deep in the mountains of Siberia, is the country's highest-altitude church at a height of 6,900ft.
The church, close to the Akken Glavier, was razed to the ground after what was at first believed an accident with candles.
Video footage shows flames burning on 14,783ft-tall Belukha, the highest peak in the Altai Mountains.
However, according to local media reports, officials now fear the famous cedar chapel was destroyed in an arson attack.
The timber church was originally built in 2006, with funds raised by relatives of climbers lost in the mountains.
V Gornom, a Russian outlet, reports that police have now identified self-confessed satanist Sergey Tuzovsky, 40, as their main suspect.
It comes after several witnesses claim the bearded “shaman” was seen on the lower slopes of Belukha.
One said: "We have turned to the police with a statement about intentional arson. The check has started.”
Climber Anatoly Minichkin, 67, from Moscow, who was one of the last to visit the chapel on Friday, says no candles were alight at the time.
On June 5, Tuzovsky, posted a video with a jar of blood online, declaring he was taking it to the “altar of the Mother” in connection with the "birth of the force of Lucifer”.
Originally from Novosibirsk, local sources say he is now wanted by law enforcement.
Tuzovsky also faces separate charges of using excess force in self-defence, resulting in the death of a man in his house.
