No one is trapped within the light aircraft, but the extent of any injuries is not yet known.
Plumes of thick black smoke can been seen from across the airfield.
Emergency services were called to the incident at just before 10:25.
UPDATE @ 11:02 – Fire appliances from Sandown and Newport, the Rescue Tender from Newport, the Foam Salvage Tender from East Cowes and a Land Rover from Ryde are all in attendance at the incident, alongside Police and the Isle of Wight Ambulance Service.
Island Echo understands the pilot, who was flying alone, escaped the aircraft before it burst into flames.
The single-prop plane has come down in a field to the north of Sandown Airport.
The Hampshire and Isle of Wight Air Ambulance is on scene having been requested to attend by the Isle of Wight Ambulance Service.
According to witnesses, the plane began to make a funny noise on takeoff before veering off to the left and crash landing.
The fire has been extinguished using foam.
Sandown Airport is this weekend hosting an ‘end of the war’ commemorative event, however the plane is of modern build, believed to be a Zenair Zodiac 601.
UPDATE @ 12:23 – The Isle of Wight Ambulance Service have confirmed a man in his 60s has been airlifted to Southampton Hospital’s emergency trauma centre. It is believed the French national has sustained serious but not life-threatening injuries.
A retired member of the ambulance service who lives nearby and St John Ambulance, who are providing cover at today’s airport event, were the first medics on scene.
Island Echo understands the pilot, who flew into Sandown Airport last night, was pulled from the wreckage of his light aircraft by members of the public moments before it burst into flames. This photograph, taken by Andy Haslin, shows the plane engulfed by flames.
Firefighters from the Isle of Wight Fire and Rescue Service remain on scene damping down.
The incident has been passed over to the Air Accident Investigation Branch. (AAIB).
UPDATE @ 13:56 – A spokesperson for St John Ambulance has said:
“St John Ambulance volunteers were contracted to provide first aid cover to the End of the War Celebration weekend at Sandown Airport on Saturday, 22 August.
“Volunteers responded to reports of a light aircraft performing an unplanned landing at the airport. Working with the Isle of Wight NHS Trust, Isle of Wight Fire and Rescue Service and the organiser, volunteers provided emergency first aid to one patient whose care is continuing with our partner agencies. We wish those involved in the incident a speedy recovery.”
(Above video thanks to @iowimages)