An Indian Navy MiG-29K trainer aircraft crashed into the Arabian Sea on Thursday, ANI reported, citing a statement from the naval force.
One pilot has been recovered and searches by air and surface units are in progress for the second pilot.
The Indian Navy confirmed on Friday that the aircraft met with an accident around 5 PM on Thursday.
An inquiry has been ordered to investigate the incident.
This is the third mishap of MiG-29K aircraft in the last one year.
Earlier in February this year, a MiG-29K crashed after being hit by birds over Goa. Both pilots had steered the jet away from habitation before ejecting.
In November last year, a MiG-29K trainer aircraft crashed outside a village in Goa. Both the pilots had then ejected safely.