A fire could occur as a result of engine oil being caught by the lower air deflector, also known as the belly pan, contacting hot engine parts such as the exhaust manifold or catalytic converter if an oil change is not done properly.
Holden says there have been no reported cases of engine compartment fires in Australia or New Zealand related to this condition.
Holden director of warranty, customer satisfaction and quality Craig Porritt said the local manufacturer was initiating the recall as a precautionary measure.
"We believe Australia's high standards in servicing procedures significantly reduce the risk of improper oil changes which almost eliminates the risk of a thermal incident," Mr Porritt said.
"However we will always err on the side of caution when it comes to initiating safety recalls and campaigns. Even if there have been no reported cases in our market we will take action to assure our customers and their vehicles are safe."
Holden is contacting affected customers directly to arrange a no-cost fix that involves modifying the lower air deflector under the engine, which it says will take around 40 minutes to complete.