The plane, flight QZ8501, which reportedly had 162 people on board, lost contact at 7:24 a.m. local time near Belitung Island, Indonesia, according to a statement from AirAsia.
"At the present time we unfortunately have no further information regarding the status of the passengers and crew members on board, but we will keep all parties informed as more information becomes available," AirAsia said.
The aircraft was an Airbus A320-200 with the registration number PK-AXC.
Search and rescue operations were in progress, AirAsia said.
The plane lost communication with Indonesia's Surabaya airport 42 minutes after takeoff, when it was believed to be over the Java Sea between Kalimantan and Java islands, Hadi Mustofa, an official of the transportation ministry told Indonesia's MetroTV.
Mustofa said the plane had seven crew and 155 passengers.
Developing story. More to come ...
What, did the Bermuda Triangle relocate to the Pacific Ocean or something? Hope everyone on board is OK, but it certainly doesn't look good.