A twin turboprop Reims Cessna F406 aircraft owned by Aero Logistics crashed into a grass area at Devon Park, near Oakey, west of Toowoomba about 3pm on Sunday.
Two men on board the aircraft, confirmed as an Aero Logistics pilot and an external flight examiner, died in the crash.
"This is a terrible tragedy for the two people onboard the aircraft and their families, friends and workmates," Aero Logistics chief executive Ben Smee said in a statement.
"They were experienced pilots and well-respected by everyone at Aero Logistics.
"This is a devastating loss for everyone who knew them."
Mr Smee said the company has offered its support to the families of the two men and counselling services to staff.
"Safety is our first and most important priority. The cause of the accident will be thoroughly investigated for the sake of the families and the ongoing safety of our fleet," he said.
Police said the crash caused the plane to burst into flames on impact.
"There was a very large fireball and Queensland Fire Department did attend and extinguished the fire," Senior Sergeant Matt Forbes told reporters on Sunday.
Mr Forbes said the plane crashed into a field, and the property owner heard a "loud explosion" which prompted the call to emergency services.
The Australian Transport Safety Bureau said it would transport the recovered aircraft wreckage to its technical facilities in Canberra for examination.
It urged anyone with video footage of the light plane, at any phase of the flight or in the immediate aftermath of the crash, to contact the agency.
Aero Logistics confirmed it would fully co-operate with the investigation and has suspended all flight operations until further notice.
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