A man is dead and another is in hospital in a serious condition after a light plane crash at Jacobs Well on the Gold Coast this morning.

It is believed the plane took off from Heck Field airstrip at Jacobs Well, then lost power at very low altitude.

As the plane made a right turn, it clipped an overhead telephone cable and crashed 25 metres from the intersection of Stapylton Jacobs Well Road and Cabbage Tree Point Road near the Heck Field airstrip.

The plane caught fire and the passenger escaped with significant burns but the pilot was killed.

Emergency services were called to the incident at 9:24am.

The man who died and the man who was injured were members of the Gold Coast Sports Flying Club.

A syndicate of four people owned the privately owned recreational aircraft.

The surviving man was taken to the Royal Brisbane and Women's Hospital.