Emergency services launched a search for the pilot and passenger of the plane at about 7.30pm last night (Wednesday), after it crashed one mile short of its runway at Beverley Airfield.
However, police have today (Thursday) confirmed that both people were killed.
In a statement, Humberside Police said: "Following an extensive search of the countryside close to Beverley Airfield near Leven a light aircraft has now been found.
"The aircraft had crashed and sadly both the pilot and a passenger who were the occupants of the aircraft suffered fatal injuries in the collision. The families have been informed and are being supported by specially trained officers."
The force thanked emergency services, volunteers and residents involved in the search.
It said a full investigation into the circumstances of the crash is now set to be carried out.