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After a traditional welcome ceremony at Albert Park in Suva, PM Modi and Mr Bainimarama are expected to sign a series of deals and jointly address the media. In the afternoon, the Prime Minister is to address a mini-summit with Pacific Island leaders.
A likely central issue of the talks will be climate change, where low-lying Pacific islands would welcome assistance.
The countries expected to be represented at the talks along with Fiji include Samoa, Tonga, the Cook Islands, Niue, Nauru, Vanuatu and the Federated States of Micronesia.
PM Modi's visit to the Pacific island nation would be the first by an Indian Prime Minister in 33 years. Indira Gandhi visited Fiji in 1981.
On reaching Suva, the Prime Minister Instagrammed a photo, saying "Bula from Fiji! On the shores of the Pacific Ocean, among wonderful people." Bula, pronounced "boo-lah", literally means "life", but it is used a greeting, wishing people good health.
Before leaving India, the Prime Minister had said it would be his privilege to visit Fiji soon after the return of democracy there in September. "We also owe them a debt of gratitude for hosting our scientists on the island in support of our Mars Mission," he said.
On Tuesday, Mr Bainimarama said the visits by PM Modi and Chinese President Xi Jinping were the symbols of Fiji's new status in the global community. President Jinping is to reach the Pacific nation on Saturday.
"There's undoubtedly a strategic component to these visits - India and China, as emerging global powers, wanting to have more of a presence in the Pacific. But they are also coming because they regard Fiji as important," he said.
Of Fiji's 849 million population, 37 per cent are of Indian origin. Many Indians had reached Fiji as indentured labour in the 19th Century. The two countries have 135 years of historical relations and a formal diplomatic relation was established in 1970.
Fiji is the last leg of the Prime Minister's three-nation tour. He was earlier was in Myanmar to attend the East Asia and the ASEAN summits and attended the G20 summit Brisbane during a hectic tour of Australia. He is to return to India on Thursday morning.
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