Emergency services were called to an incident after the aircraft, believed to be travelling from central Scotland to Tiree, came down in Loch Etive.
Police Scotland said the wreckage was discovered on the northern aspect of Glen Kinglass around 8pm, along with the remains of the two people on board.
Chief Inspector Fergus Byrne said: “Police Scotland has been working with partner agencies throughout the day to locate the aircraft and our thoughts are with the families of the victims.
“Enquiries are continuing to establish the exact circumstances and a report will be submitted to the Procurator Fiscal.
“Anyone with information regarding this incident is urged to contact police via the non-emergency number 101.”
No further information
The Maritime and Coastguard Agency said that three teams had been sent to the scene, with two teams from Lochgoilhead and Oban already searching.
The Oban lifeboat has been stood down after being deployed earlier this afternoon.
A spokesperson for Police Scotland said that radar contact with the aircraft was lost shortly before 2pm this afternoon, and that an emergency call was received when the plane was near Beinn Nan Lus, near Glen Kinglass.
Witnesses reported ‘two rescue helicopters, coastguard mobile, two police cars and an ambulance’ had taken part in the search.
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