We have performed Raman scattering investigations on the high energy magnetic excitations in a BiFeO$_3$ single crystal as a function of both temperature and laser excitation energy. A strong feature observed at 1250 cm$^{-1}$ in the Raman spectra has been previously assigned to two phonon overtone. We show here that its unusual frequency shift with the excitation energy and its asymmetric temperature dependent Fano lineshape reveal a strong coupling to magnetic excitations. In the same energy range, we have also identified the two-magnon excitation with a temperature dependence very similar to $alpha$-Fe$_2$O$_3$ hematite.
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