Wing Commander Nauman Akram of Pakistan Air Force (PAF) was killed in a fighter jet crash near the Pakistan Museum of Natural History Park here.
Pakistani authorities confirmed that the F-16 crashed during the preparations for March 23 parade.
Videos of the incident show massive plumes of smoke and a projectile crashing to the ground near Shakarparian.
A board of inquiry has been ordered by the Air Headquarters to determine the cause of the accident, Dawn reported.
Islamabad Mayor Sheikh Anser Aziz said officials from the Pakistan Army and PAF have cordoned off the area and will conduct any further rescue operations.
Last month, a PAF trainer aircraft crashed on February 12 during a routine training mission near Takht Bhai in Khyber Pakhtunkhwa's Mardan district.
It was the third PAF training aircraft crash on a routine training mission.
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Moreover, On February 7, a PAF Mirage aircraft, which was also on a routine operational training mission crashed near the Lahore-Multan Motorway.
Earlier in January, A PAF aircraft crashed on a training mission killing all three onboard.