The KJV, EGNT (Englishman's Greek New Testament interlinear), J N Darby, Young's Literal and Green's Literal all have 'the course of nature'.
The Wycliffe has 'the wheel of our birth', which is a translation of the Vulgate. The Douay Rheims, also from the Vulgate, has 'the wheel of our nativity'.
Tyndale has 'setteth afire all that we have of nature'.
Τροχια is 'path' and τροχος is 'course' (KJV).
I think, looking at all of this, 'wheel' is a mistranslation, possibly due to the Latin influence. It seems to be not the wheel that James is seeing on fire, but the path on which one travels.
Thus the tongue sets on fire the very path which nature travels on. The flames are behind one and in front of one and one can do nothing but progress on this course, inevitably.
Behold what a great matter a little fire kindleth. Once kindled, it burns all in its path, ferociously - consuming everything.
Best to manage one's tongue and to be the master of it, than set alight the very path on which one must walk.