The plane went down 22 kilometres north of Port Antonio on the northeast coast of the island, a Jamaican official told AFP.
Authorities were "fairly confident" late yesterday that an oil slick in the water was from the plane, but were suspending ongoing search operations for the night, Major Basil Jarrett of the Jamaican Defense Force told CNN.
Efforts to locate the plane would resume early Saturday "at first light" and a US cutter was expected to join in the search, he added.
There were at least two confirmed victims onboard: Rochester real estate developer Larry Glazer and his wife Jane, according to a spokesman for New York state lawmaker Joseph Morelle, citing family members.
Glazer was a pilot, the spokesman told AFP, but there was no immediate confirmation he was flying the plane.
"We are devastated by the tragic and sudden loss of our parents, Jane and Larry Glazer," the three adult children of the couple said in a statement, cited by local media.
Morelle said he was "deeply saddened" to learn of the deaths, calling the Glazers "longtime personal friends."
"Their presence will forever be felt throughout Rochester, a community they loved, fought tirelessly for and called home," he said in a statement.
The FAA said flight controllers lost contact with the plane at 10:00 am, prompting the North American Aerospace Defense Command to scramble two F-15s.
The fighter jets peeled away before the plane entered Cuban airspace, which it crossed before heading over open water towards Jamaica.
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