The aircraft belonging to Pokhara Ultra-light Company had taken off at 10:35 am from Pokhara airport.
The pilot was identified as 50-year-old Russian national Valerie Putin while the passenger is Elizabeth Well, 40, from South Africa, said Pokhara airport chief Dipak Baral.
He said the aircraft went out of contact at 10:41 am, the Republica newspaper reported.
The aircraft was supposed to land back at the airport at 11:35 am.