The plane was on a routine flight when the mishap took place in the Tver region, northwest of Moscow, Russian Air Force spokesman Colonel Alexander Drobyshevsky said.
The aircraft took off from Andreapol air base and crashed while flying at a low altitude, he said. A probe has been launched.
MiG-29 is one of the most sophisticated fighters of the Russian Air Force and is in service in select air forces of the world including Indian Air Force.