The pilot of the experimental aircraft was Donald Gaynor from Englewood and was found dead at the scene.
Passenger Jeff Kramer was flown to a nearby hospital and is expected to survive.
It happened in South Sarasota County.
Authorities say the single engine plane crashed in a wooded area.
Emergency crews arrived minutes after the plane went down, thanks to many witnesses calling the crash in from a nearby festival.
According to witnesses the plane was doing aerobatics before nose-diving and crashing to the ground.
The cause of the crash remains under FAA investigation.