The small aircraft crashed shortly after taking off from the Carlos Prates Airport on Monday, triggering a series of explosions and leaving a fiery trail of destruction.
Cars burst into flames and sent thick plumes of smokes into the air, while the twisted wreckage of the plane was strewn across the street in Belo Horizonte, which is less than two kilometres from the airport.
Firefighters said one of the victims was inside the aircraft, one was inside a car, while the third was a pedestrian.
Residents attempted to put out the flames with hoses after the crash.
“I was home and heard a crash. I went out and saw the flames,” resident Carlos Henrique Pacheco Diniz told local media.
“We tried to put out the fire.
“There were a lot of explosions and we couldn’t help anymore.”
This is the second plane crash on the same street this year.
One person died when a small plane hit a house wall in April.