The bridge, close to the village of Kimbiri, collapsed yesterday following hours of heavy seasonal rains in the southeastern region. At least 30 people were walking across it at the time, the civil defense authority said.
Fifteen of the people were saved and taken to hospital with injuries.
But 16 plunged into the Kimbiri river and were swept away.
An army helicopter, navy launches and a fire brigade were searching for them, officials said. Fire officers said the rains had greatly strengthened currents in the river.
The village is around 150 kilometres northwest of the Machu Picchu ruins.
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