The aircraft hit a crane at the Freeport Ship Yard and crashed into a nearby "junk site," police said.
No U.S. agencies are involved, and the Royal Bahamas Police Force is handling the investigation, a police spokesman said.
Police released the names of five victims Monday that includes Myles Munroe and his wife Ruth.
Myles Munroe was the senior pastor of Bahamas Faith Ministries International Fellowship, that group's website says. Ruth served as co-pastor.
The two were friends of Andrew Young, former U.S. ambassador to the United Nations, who was also scheduled to arrive in Freeport.
Young is scheduled to speak at a conference starting Monday in Freeport.
The Global Leadership Forum will continue this week, according to Munroe's organization.
"On behalf of Myles Munroe International and ITWLA. We would like to inform you that the Global Leadership Forum will continue," Myles Munroe International posted on its Facebook page. "This is what Dr. Munroe would have wanted."
The other identified victims are Stanley Jerome Thurston, Richard Howard Pinder and Frankhan Demeyer Cooper, all residents of the Bahamas.