The CH-147F Chinook carrying members of 450 Tactical Helicopter Squadron crashed in the Ottawa River near Garrison Petawawa, Ontario "during a training flight in the early morning," the military said in a statement.
Two other crew members were located and taken to hospital, it added.
No details about the circumstances of the crash were immediately available.
Prime Minister Justin Trudeau tweeted that he hopes for a "fast and full recovery of the injured" and that "all of the members of 450 Squadron in my thoughts as search efforts continue."
The helicopter went down at approximately 12:10 am local time, officials said. The Petawawa base is located 165 kilometers (100 miles) west of Ottawa.
Some 50 military members scoured the shores of the Ottawa River while a police marine unit searched the waters. Military rescue aircrafts and local firefighters were also helping in the search.
Boaters were urged to stay clear of the area to avoid "potentially hazardous materials from the aircraft."
According to the Royal Canadian Air Force, the CH-147F Chinook is a multipurpose helicopter used to transport equipment and personnel for operations at home and abroad.
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