The plane was found in a swampy area in the area of the 200 block of Neyhart Road around 9 a.m. Wednesday.
The FAA said the VANS RV8 aircraft had been reported missing Tuesday night after it departed the Pegasus Airpark around noon.
The FAA issued an alert notice advising local airports and public safety agencies.
The FAA will investigate and the NTSB will determine the probable cause.