One of those dead is a child, according to regional government officials.
Two people were on board the ultralight plane and three others, a couple and a minor, were in the helicopter, the Diario de Mallorca newspaper reported.
According to a Spanish news agency, the aircraft crashed into a field following the collision at 11.35am GMT.
Emergency services, the Civil Guard and local police are at the scene of the accident near Inca on the island, El Pais newspaper reported.
The nationalities of those dead are not known and the cause of the accident is being investigated.
The government president Pedro Sánchez, has sent in a Twitter message his “solidarity and affection” to the families of the victims and has said that he follows “with concern” the information that comes from Inca.
More follows…