The plane was travelling from the Isle of Man to Blackpool Airport with just the pilot on board, Lancashire Police said.
A spokesperson for Lancashire Fire and Rescue Service said: "We got a call at 9.17am from police, the information given was that (there was) a light aircraft on route from the Isle of Man to Blackpool Airport with one person on board, obviously the pilot.
"The communications were lost with the air traffic control some three miles out at sea."
Matthew Mace, duty controller at the UK Coastguard, said: "There are reports of low visibility in the area so there is a strong likelihood that this aircraft may have ditched into the sea after contact was lost and it disappeared from the radar.
"We currently have a helicopter and several Coastguard teams out searching for this aircraft."
A spokesperson for Lancashire Fire and Rescue Service confirmed that crews from Lytham St Annes and Bispham were at the scene helping police and coastguard teams.
The Coastguard search and rescue helicopter based at Caernarfon is also involved.
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