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.
Medellin’s Mayor Federico Gutierrez described it as “a tragedy of huge proportions”.
“Nacional regrets deeply and is in solidarity with @chapecoensereal by the accident which has happened and further information is expected from authorities,” a tweet from Atletico Nacional read.