We investigate the possibility of gravitationally generated particle production via the mechanism of nonminimal torsion–matter coupling. An intriguing feature of this theory is that the divergence of the matter energy–momentum tensor does not vanish identically. We explore the physical and cosmological implications of the nonconservation of the energy–momentum tensor by using the formalism of irreversible thermodynamics of open systems in the presence of matter creation/annihilation. The particle creation rates, pressure, and the expression of the comoving entropy are obtained in a covariant formulation and discussed in detail. Applied together with the gravitational field equations, the thermodynamics of open systems lead to a generalization of the standard ΛCDM cosmological paradigm, in which the particle creation rates and pressures are effectively considered as components of the cosmological fluid energy–momentum tensor. We consider specific models, and we show that cosmology with a torsion–matter coupling can almost perfectly reproduce the ΛCDM scenario, while it additionally gives rise to particle creation rates, creation pressures, and entropy generation through gravitational matter production in both low and high redshift limits.