Terrifying footage of the crash was filmed by a car’s dashboard cam - that came frighteningly close to being taken out by the aircraft as it swooped down on the road.
The plane had only just taken off from Songshan airport 5km away when it got into difficulty and crashed three minutes later.
There were reportedly 58 people on board.
15 people have been rescued from the river, leaving a further 20 unaccounted for.
A Taipei Fire Department worker said that ‘things don’t look too optimistic’ for those trapped inside the wreckage, which is submerged under water.
‘Those in the front of the plane are likely to have lost their lives.’
However, a witness told The Straits Times they saw people being flung from the plane on impact, meaning some could be down stream.
It is unknown what caused the crash, although apparently the final communication from the cockpit was the plane crew shouting: ‘Mayday! Mayday! Engine flameout!’ - meaning the engine had lost power.
Watch the terrifying footage below: