The Air Accident Investigation Branch (AAIB) is expected to examine the wreckage of the twin-engine aircraft that came down on Long Mountain, at Leighton near Welshpool.
Dyfed-Powys Police were called to the scene of the crash at about 12pm yesterday.
The Wales Air Ambulance which is based at the Mid Wales Airport in Welshpool confirmed two people were pronounced dead at the scene.
The alarm was raised by the airport after the twin-engine aircraft failed to return after a short flight.
One of the dead has been named locally as Bob Jones, one of the founders of Welshpool Airport and a respected local businessman.
The identities of the two killed have yet to be officially confirmed.
Mid Wales Airport, near Welshpool, would not comment on the crash but two police officers manned the gate and it closed for the day following the accident.