Both pilots have been rescued from a Douglas DC-3 freighter which crashed into the ocean while operating a service to Nassau.
It had been flying from Opa-Locka in Florida when the accident occurred shortly before 16:30 on 18 October.
The crew had notified that the aircraft's left-hand engine – a Pratt & Whitney R-1830 – had failed, says Nassau airport's operator.
It adds that the aircraft "ditched" in the water about 2nm off Love Beach, on the northern coast of Nassau.
Bahamas investigation authority AAID has identified the airframe as N437GB.
It adds that the pilots were rescue by the Royal Bahamas Defence Force and taken to a military base.
"Efforts are under way to recover [the DC-3]," the authority states, adding that visual meteorological conditions prevailed at the time.
US FAA records show the aircraft, manufactured in 1945, belonged to Atlantic Air Cargo located in Florida.