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The two pilots - major Ilia Doichinov and cap. Petar Metodiev catapulted themselves out of the aircraft and have already returned to the Graf Ignatievo Air Base.
Police, military, firefighters and emergency workers were dispatched to the location immediately after the tip-off.
No victims or injured have been reported so far.
According to preliminary reports, the case involves aircraft participating in a joint Bulgarian-American flight training.
Eyewitnesses of the accident told journalists that the aircraft had been in flames during the plunge.
PHOTOS - Club WINGS MAGAZINE
Photos of the accident of the Bulgarian Mig-29 aircraft
MiG-29, board 11 - 5 minutes before the accident
Bulgarian defence ministar Angelov and gen.Popov after the accident