The aircraft hit a crane at the Freeport Ship Yard and crashed into a nearby "junk site," police said.
No U.S. agencies are involved, and the Royal Bahamas Police Force is handling the investigation, a police spokesman said.
Police have not released the victims' identities, but Bahamian Prime Minister Perry Christie said pastor Myles Munroe and his wife Ruth were among the victims.
Myles Munroe was the senior pastor of Bahamas Faith Ministries International Fellowship, that group website says that. Ruth served as co-pastor.
The two were friends of Andrew Young, former U.S. ambassador to the United Nations, who was also scheduled to arrive in Freeport.
"Ambassador Young expresses his deep sadness over the tragic death of his friends Dr. Myles and Mrs. Ruth Munroe. He offers condolences to the Munroe family and the families of the other souls who lost their lives as a result of this shocking plane crash," the Andrew Young Foundation said in a statement.
Young is scheduled to speak at a conference starting Monday in Freeport.
The Global Leadership Forum will continue this week, according to Munroe's organization.
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