MTV said the helicopter -- subcontracted by the network and Bunim/Murray productions -- was flying to a shooting location in Mendoza, Argentina, for the reality competition. Neither of the people killed were part of the cast or film crew.
"The thoughts and prayers of all at MTV and Bunim/Murray are with those who lost their lives in this tragedy and their families during this difficult time," the network told ET in a statement.
Gianni Vernier, security minister for the province of Mendoza, told state news agency, Telam, that divers were having trouble trying to retrieve the bodies because the wreckage was nearly 200 feet under water.
The cause of the accident is still under investigation.
This is Argentina's second fatal helicopter crash involving a reality TV show this year. In March, ten people were killed, including three prominent French athletes, when two choppers collided in the northwestern region during filming of the survival show, Dropped.
There were a number of additional plane and helicopter crashes across TV and movie sets in 2015. A crash on the Colombian set of Tom Cruise's movie, Mena, in September killed two. Learn more about that accident in the video below.