Search teams comprising civilian and military personnel found the wreckage in Wazirabad area of Gujranwala district though there was no trace of its two-member crew, officials said.
A pilot and a trainee pilot were aboard the helicopter when it came down at a spot about 100 km from Lahore.
The helicopter was on a routine flight from a base in Gujranwala when it lost contact with the control tower, officials said.
According to eyewitnesses, the small helicopter crashed into the Chenab river.