Stacie Miller of the Kissimmee Police Department said that they have set up a 100-yard perimeter around the aircraft. She said that fuel had spilled from the plane.
Miller said that at about 5:30pm, the plane was landing and crashed, killing the two people inside.
"This is a tragedy. Unfortunately two people did lose their lives today. We don't see a lot of plane crashes here in our area so, you know, our hearts go out to the families," Miller said.
The airplane, described as a Fouga CM-170 Magister, was left in pieces. The crash happened near the airport and Thacker Elementary School (see map).
First introduced by French company Air Fouga in the 1950s, the jet-powered craft was discontinued in the 1980s.
Investigators said the plane crashed on approach, but it's unclear what caused the crash. The National Transportation Safety Board (NTSB) will investigate Thursday morning, and the Federal Aviation Administration (FAA) are currently on scene.
The names of the two people killed weren't immediately released.