The single-engine Beechcraft Bonanza took off from Telluride Regional Airport at 11:20 a.m. and went down about a mile away. The wreckage was found at 6 p.m., the Denver Post reported.
San Miguel County Sheriff Bill Masters posted on Twitter that there were no survivors, the newspaper said. The victims' names hadn't been released.
Authorities said there was light snow falling with 1 mile of visibility and calm winds when the plane took off.