According to the country's NOS broadcaster, the NH90 helicopter crashed between the islands of Aruba and Curacao, which is also a self-governing state entity and part of the Netherlands, about 7.8 miles from the coast on Sunday afternoon.
The incident resulted in the deaths of 34-year-old pilot Christine Marten and 33-year-old tactical coordinator Erwin Warnies.
Two more crew members sustained non-life-threatening injuries, the broadcaster added.
The country's military has launched an investigation into the cause of the crash.