The Pueblo County Sheriff's Office says the pilot was a retired Pueblo police officer and the passenger was a Pueblo County Sheriff's deputy.
The plane wreckage was found by a hiker on Greenhorn Mountain at about 10,000 feet in the San Isabel National Forest in Custer County.
The single-engine Piper Super Cruiser left Pueblo Memorial Airport Friday morning and was due back around 10 a.m. but did not return.
Investigators from the National Transportation Safety Board will arrive at the wreckage site Saturday to determine the cause of the crash.
Teams will recover the bodies Saturday morning. The victim's names have not been released.
(KUSA-TV © 2012 Multimedia Holdings Corporation with The Associated Press)