There was no immediate word on casualties. The accident happened for reasons unknown in the El Penol reservoir in the northwest tourist town of Guatape.
The air force said a helicopter was on its way to help in rescue operations.
The four-deck ship called Almirante went down today. The reservoir is 68 kilometres from the city of Medellin and one of Antioquia department's main tourist draws.
Video circulating on social media shows the ship going down and dozens of other vessels approaching it to try to rescue people.
The official said rescued people are being sent to the local hospital in Guatape.
The town fills with tourists on long weekends like this one, since Monday is a holiday in Colombia.
Medellin's mayor Federico Gutierrez said he is sending a team led by a firefighting crew captain and five scuba divers.
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