The charter plane crashed due to lack of fuel at around 10:15pm local time in Cerro Gordo in the municipality of La Union.
At least 10 people have been injured and are being evacuated from the scene, the commander of La Union fire department said, Russia Today reported.
The plane was flying to José María Córdova International Airport in Rionegro, the second largest airport in Colombia.
After learning of the crash, the South American football confederation CONMEBOL announced that the football tournament has been suspended.