The light aircraft crashed on Saturday on the outskirts of the city of Corumba, in Mato Grosso do Sul state, along the country's border with Paraguay and Bolivia.
The plane had taken off from the state capital, Campo Grande, some 400 km from the crash site, at dawn, and reportedly sent an emergency warning an hour into the flight.
Passengers were heading to Pantanal region, along the border
The passengers were heading to a hacienda in Brazil's Pantanal region, along the border, the Air Force said.
Air Force personnel were not able to locate the site of the accident until in the afternoon. Rescue workers found five bodies when they arrived at the scene.
The exact cause of the crash is not yet known and investigations are on to determine the same.