The players and president were travelling in a light aircraft to Goiania where Palmas were due to play Vila Nova on Monday in the Copa Verde.
However, the plane crashed shortly after taking off.
President Lucas Meira, along with players Lucas Praxedes, Guilherme Noe, Ranule and Marcus Molinari, all died.
The pilot was also killed.
A club statement said: "Palmas Futebol e Regatas hereby announces that at around 8:15am on this Sunday, 24th, there was an air accident involving the president of the club Lucas Meira, when he was taking off to Goiânia, for the match between Vila Nova x Palmas.
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"The plane on which Lucas was with [pilot] Wagner and athletes Lucas Praxedes, Guilherme Noé, Ranule and Marcus Molinari, took off and crashed at the end of the runway of the Tocantins Association of Aviation.
"We regret to inform you that there are no survivors.
"In this moment of pain and dismay, the club asks for prayers for the relatives to whom it will provide the necessary support, and emphasises that in due time it will speak again."
Brazilian club Palmas FR have announced that their club president and four players have been killed in a plane crash.