Medellin’s international airport have confirmed the aircraft had departed from Bolivia.
Authorities are currently responding to the emergency. It is not clear if there are any survivors.
The chartered plane was carrying members of the Chapocoense football team, airport officials said.
The team was due to play in the final of the Copa Sudamerica against Colombian side Atletico Nacional on Wednesday in Medellin.
The final has now been suspended.
Reports say the plane crashed in a mountainous area outside the city shortly before midnight local time on Monday (4pm AEDT on Tuesday).
Medellin’s Mayor Federico Gutierrez described it as “a tragedy of huge proportions”.
Hoy somos todos CHAPECOENSE…
???????? Pidan todos a Dios que todos hallan sobrevivido… pic.twitter.com/5btJhoz7Ib
— ALEXIS VIERA (@pulpoviera) November 29, 2016