According to the Nacion newspaper, light, twin-engine aircraft Baron BE58 took off from the Paraguayan city Ayolas at 18:20 local time (22:20 GMT) on Wednesday and was due to land in Asuncion in one hour and fifteen minutes.
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The plane did not arrive at the point of destination as scheduled, and there was no contact with the aircraft since then, the media outlet said.
"A rescue team is currently working at a national level, given the route of the plane," Ruben Aguilar, the head of Silvio Pettirossi International Airport, which serves Asuncion, said.
There are reportedly a total of four people on board, including two pilots.
