Officials gave conflicting accounts of the victims' nationalities. Armed forces spokesman Jose Domingo Meza said four of the victims were from the United States and the fifth victim's nationality had yet to be determined, Reuters reported.
Local emergency services initially said the victims included four Canadians and another victim of unknown nationality.
Local authorities did not immediately offer a cause for the accident.
The Piper PA-32-260 plane was headed to the tourist port city of Trujillo, about 80 kilometers (49.71 miles) from Roatan, a picturesque island frequented by tourists from the United States, Canada and Europe, authorities said.