This is another one of those "It depends" situations. Without knowing much more, it's hard to say for sure. If I'm very close to the ground, I may just land it and then start the fire checklist, but there may be other factors involved. 10 feet above the deck isn't the time to be reaching for engine levers, but you have to take everything into account, and make a very quick decision. That's why they pay the PIC the big money.
