A massive explosion at a North Carolina home belonging to NFL defensive back Caleb Farley has left one person dead ... and another injured.

The incident happened overnight Monday in Mooresville, N.C. -- leveling a multi-million dollar property that, according to multiple reports, Farley had just purchased recently.

Iredell County Fire Marshal's Office spokesperson Kent Greene tells TMZ Sports ... one person was recovered from the scene deceased -- while another was transported to the hospital with non-life-threatening injuries. Farley was not a victim, Greene added.

An investigation into the matter is ongoing, Greene tells us ... though the current focus of the probe is centering around the home's natural gas lines.

According to local media outlets on the scene, Farley -- a 24-year-old Tennessee Titans corner -- was seen at the site Tuesday morning cooperating with authorities.

Farley is currently on the Titans' physically-unable-to-perform list while dealing with a back injury. Since the team took him with the No. 22 overall pick in the 2021 NFL Draft, Farley's played sparingly, seeing action in just 12 total games.