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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 many possible conditions that may cause pain in your lungs, but some of the more common ones include: 1  Pleurisy: Pleurisy refers to an inflammation of the tissues lining the lungs (the pleura). This pain is generally increased with a deep breath, may be positional, and may feel sharp rather than dull.