Bankston, 26, was on Survivor in 2013 along with his fiance Colton Cumbie. The couple ended the game in ninth place.
"Caleb was an amazing man and friend," contestant Aras Baskauskas told People. "One of the sweetest and most sincere humans I've ever come across. I am gutted by his loss. My thoughts and prayers are with his family."
News of Bankston's death has spread across the web, and has shaken the Survivor community, with a number of former contestants tweeting condolences.
Shocking news: We lost a member of our #Survivor fraternity to a workplace accident. R.I.P. Caleb Bankston! My condolences to his loved ones
Bankston is the third Survivor contestant to die since the show first premiered. Survivor: Palau contestant Jenn Lyon passed away in 2010 of breast cancer, and in 2013, BB Andersen died of brain cancer at age 77.