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Thermal runaway instability induced by material softening due to shear heating represents a potential mechanism for mechanical failure of viscoelastic solids. In this work we present a model based on a continuum formulation of a viscoelastic material with Arrhenius dependence of viscosity on temperature, and investigate the behavior of the thermal runaway phenomenon by analytical and numerical methods. Approximate analytical descriptions of the problem reveal that onset of thermal runaway instability is controlled by only two dimensionless combinations of physical parameters. Numerical simulations of the model independently verify these analytical results and allow a quantitative examination of the complete time evolutions of the shear stress and the spatial distributions of temperature and displacement during runaway instability. Thus we find that thermal runaway processes may well develop under nonadiabatic conditions. Moreover, nonadiabaticity of the unstable runaway mode leads to continuous and extreme localization of the strain and temperature profiles in space, demonstrating that the thermal runaway process can cause shear banding. Examples of time evolutions of the spatial distribution of the shear displacement between the interior of the shear band and the essentially nondeforming material outside are presented. Finally, a simple relation between evolution of shear stress, displacement, shear-band width and temperature rise during runaway instability is given., 16 pages, 7 figures. Extended conclusion; added references