According to the report, the accident took place at around 4:25 p.m. local time (19:25 GMT) in the Joao Monlevade municipality. The bus reportedly fell from a height of about 15 meters (50 feet).
The Civil Police of Minas Gerais said that 11 people died at the accident site and three others at a hospital.
The bus owner has confirmed to the news agency that the vehicle was carrying tourists.