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So you are sucking a lot of cold dry air into your throat and lungs which drys out the natural mucuses that exists there, and causes temporary inflammation and pain. This results in that burning sensation you feel in your throat/chest/lungs, which may or may not be accompanied by wheezing and coughing. It can be quite painful and quite distressing, but usually, it should subside within, hmm, about 15-20 mins after you stop exercising.
There are other potential causes of a burning sensation in different parts of the body. 1  Rosacea is a skin condition that produces redness that can sometimes feel hot. 2  Canker sores are ulcers of the mouth, sometimes caused by a virus, that feel painful.