A PAF spokesman said a "jet aircraft, while on a routine training mission, crashed due to technical malfunction near Attock" in Punjab.
The spokesman said the pilot was "fatally injured". There were no reports of loss of civilian life or property on the ground.
The PAF ordered a board of inquiry to determine the cause of accident. Though the PAF spokesman did not identify the type of aircraft that was involved in the accident, several TV news channels and websites that track the Pakistani military said a JF-17 Thunder jet had crashed.
The pilot, Squadron Leader Muhammad Hussain, was killed as his parachute failed to open after he bailed out of the aircraft, Geo News channel reported.
The aircraft crashed in a mountainous area.
The pilot's body was found about two kilometres from the site of the crash, the channel reported.
Pakistan has been promoting the JF-17, which it developed jointly with China, as a low cost combat aircraft for developing countries.
It has showcased the jet at the ongoing Dubai Air Show. The PAF has equipped two squadrons with the JF-17 and plans to raise another squadron by early next year.