The Portuguese-born businessman's body was found by one his employees at his auction house in Simi Valley, California on Monday (February 11), according to TMZ.
Balelo, who was arrested for a drug-related offence last week, was allegedly visited by his fiancée on Sunday after he requested to see her.
Police are now investigating the circumstances of the death.
Mark Balelo owned a liquidation, wholesale and distribution company, alongside an auction house.
He appeared in a number of episodes of the A&E reality series as one of several buyers at auctions of items found in unpaid storage lockers.
He earned the nickname 'Rico Suave' due to his flashy fashion style at auctions, while he was also known for bringing large sums of money to auctions in order to win.