The Mirage-5 aircraft went down in Athara Hazari area of Jhang district during a routine training mission.
PAF spokesperson Air Commodore Tariq Mehmood said that technical malfunction seems to be the apparent cause behind the mishap.
He said the pilot managed to come out safely from the aircraft and no loss of civilian life and property has been reported on ground.
A board of inquiry has been ordered by the Air Headquarters in Islamabad to determine the exact cause of the incident, Tariq said.
Earlier, on November 21 a Mirage training jet had crashed in Gadap area of Karachi, killing its pilot.