Aluminium and magnesium were used in the M/ZrSiO4/B2O3/C (M = Al, Mg) system to induce a mechanically induced self-sustaining reaction (MSR). Aluminium was not able to reduce the system to the desired products, and the system became amorphous after 10 h milling. However, nanocomposite powder of ZrB2–SiC–ZrC was in situ synthesized by the magnesiothermic reduction with an ignition time of approximately 6 min. The mechanism for the formation of the product in this system was determined by studying the relevant sub-reactions.